Allianz Asset Management of America will pay $12 million to end a class action claiming it filled its 401(k) plan exclusively with affiliated investments that earned money for the company.
The deal will end a two-year legal battle over the fees paid by Allianz workers when they invest their 401(k) money. Allianz is accused of offering only high-fee, affiliated investment funds in its workers’ 401(k) plan. This allowed Allianz to line its pockets at the expense of employees’ retirement savings, the lawsuit says.
The deal was announced in court papers filed Dec. 26 and must be approved by a federal ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.