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Allianz Sued by U.S. Retirement Fund Over $774 Million in Losses

July 22, 2020, 1:54 PM

Allianz SE was sued by a U.S. pension fund that claims one of the insurer’s asset management units pursued a “reckless strategy” amid the coronavirus pandemic that led to $774 million in losses “in a matter of weeks.”

The Arkansas Teacher Retirement System filed a lawsuit in Manhattan federal court late Monday claiming that Allianz Global Investors bet against increased market volatility in late February and early March to try to recover losses earlier in February.

“AllianzGI’s extraordinarily risky and irrational gamble resulted in massive losses for ATRS, wiping out in a matter of weeks hundreds of millions of dollars ...

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