Allianz Fund Collapse Spurs New Suit Targeting Carpenter Pension

A pension fund board that sued Allianz SE over the collapse of its Structured Alpha funds is itself facing a federal lawsuit in Seattle by plan participants who say they weren’t made whole by the $110 million settlement the plans received.

The $110 million Allianz paid to a pair of retirement plans covering Carpenters of Western Washington members is a “good first step,” but it represents less than 45% of the plans’ losses and hasn’t made up for the hundreds of dollars per year in members’ lost pension benefits, lead plaintiff Terrance Johnson and others said Tuesday in a proposed ...