Allianz Losses No Basis for Pension Member Appeal, Trustees Say

A pension fund board that sued Allianz SE over the collapse of its Structured Alpha funds asked the Ninth Circuit to reject an appeal by fund participants, saying they benefited financially from the ordeal.

Carpenters of Western Washington members suffered no injury that would give them standing to sue over their pension funds’ investment in the Structured Alpha funds, because the funds’ board of trustees took “swift action” to sue Allianz and recover all the losses and then some, the board said in a brief filed Thursday in the US Court of Appeals for the Ninth Circuit.

The board obtained ...