Retirees Advance Pension Loss Suit Over Allianz Fund Collapse

Retirees who say their pension plan lost millions after the collapse of Allianz SE’s Structured Alpha funds advanced part of their class action against plan trustees and investment adviser Callan LLC.

US District Judge John H. Chun greenlighted the retirees’ claim of fiduciary imprudence under the Employee Retirement Income Security Act, saying the US Court of Appeals for the Ninth Circuit already deemed this claim viable when it considered the case in 2024. The defendants argued this ruling was called into doubt by the appeals court’s intervening decision in Anderson v. Intel Corp. Investment Policy Committee—which held that ...