Allianz division agrees to pay $6 billion for defrauding teachers, religious groups and foundations
CNN
A US division of German insurance firm Allianz will pay more than $6 billion for what US investigators called a "massive fraudulent scheme" that involved the investments of public pensions, religious organizations and other foundations.
The settlements with the US Department of Justice and US Securities and Exchange Commission are among the largest in corporate history. The company and three of its portfolio managers agreed to plead guilty to federal fraud charges as part of the settlements.
The Justice Department said Tuesday that Allianz Global Investors failed to stop a scheme to defraud investors in funds that collapsed during the 2020 Covid recession. AGI is a subsidiary of Allianz SE, one of the biggest names in the financial world with over $2 trillion in assets under management.
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