FRANKFURT: Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany's Allianz, one of the world's top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.
A spokesman for Allianz Global Investors said in a statement to Reuters:"While the losses were disappointing, the allegations made by claimants are legally and factually flawed, and we will defend ourselves vigorously against them". The suits allege that Allianz Global Investors, in its Structured Alpha family of funds, strayed from a strategy of using options to protect against a short-term financial market crash.
The cases are a second front of litigation for Allianz, one of Europe's largest insurance companies. The Munich-based company and its competitors face suits for not paying claims related to business closures during the pandemic lockdowns.
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