BCBS Retirement Group Blames $2 Billion Loss on Allianz, Aon (1)

The Blue Cross and Blue Shield Association National Employee Benefits Committee sued Allianz Global Investors US LLC and Aon Investments USA Inc. in federal court in Manhattan Wednesday, alleging the investment firms failed to adequately protect retirement trust monies from market volatility.

Market declines and volatility spikes in February and March 2020 purportedly led the trust to lose nearly all of the $2.9 billion it had invested in Allianz’s Structured Alpha Funds, according to the complaint.

The BCBS Benefits Committee accuses Allianz of breaching its fiduciary duty under the Employee Retirement Income Security Act by failing to properly ...