Allianz SE warned of a potentially material hit to its earnings after the U.S. Justice Department opened a probe into its Structured Alpha Funds, which are at the center of lawsuits in the wake of steep losses during the pandemic.
Europe’s largest insurer slumped in Frankfurt trading after disclosing late Sunday that it received a “voluntary request for documents and information” from the DoJ and is cooperating with the probe, as well as with an investigation launched last year by the Securities and Exchange Commission. It has also started its own review of the matter.
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August 01, 2021 at 11:40PM
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Allianz Slumps as Insurer Warns on Impact of U.S. Fund Probe - Bloomberg
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