Allianz Settles Suits Over Multibillion-Dollar Fund Blowup

A group of investors suing Allianz SE over losses tied to the collapse of its U.S.-based hedge funds asked a judge to dismiss the lawsuit after agreeing to settle with the insurance giant.

Investors allege they lost billions of dollars as a result of the collapse of Allianz’s Structured Alpha hedge funds, which also prompted probes by U.S. regulators. The German company earlier this month took a $4.2 billion charge to cover settlements and related costs.

Blue Cross and Blue Shield Association and Raytheon Technologies pension systems filed requests for dismissal Monday. Some two dozen public pension funds, including the ...