Allianz Subsidiary Pleads Guilty to Defrauding Investors as Part of $6 Billion Settlement

Allianz Subsidiary Pleads Guilty to Defrauding Investors as Part of $6 Billion Settlement

One of Allianz SE’s ALIZF -1.73% U.S. investing divisions pleaded guilty to securities fraud and agreed to pay about $6 billion in penalties and restitution to investors who suffered losses when some of the subsidiary’s hedge funds tanked during the March 2020 market selloff. Allianz Global Investors U.S. admitted Tuesday that it lacked internal controls …

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