Court Approves $145 Million Class Action Settlement for AllianzGI Mutual Fund Investors

March 10, 2023

A New York state court has approved a $145 million settlement for a class of former investors in several mutual funds managed by Allianz Global Investors U.S. LLC. SGT partners David Golub, Steven Bloch and Ian Sloss, along with co-counsel, represented the investors.

The settlement resolves claims relating to the mismanagement of the mutual funds’ assets by members of AllianzGI’s Structured Products Group. AllianzGI has agreed to plead guilty to securities fraud and pay more than $6 billion over the collapse of a group of investment funds.

Justice Andrew Borrok approved the settlement, which covers investors in AllianzGI’s Structured Return Fund, U.S. Equity Hedged Fund, PerformanceFee Equity Fund and PerformanceFee Fixed Income Fund, after a hearing on March 9.

The case is Jackson v. Allianz Global Investors U.S. LLC, Index No. 651233/2021 (N.Y.S.) in New York State Supreme Court, New York County Commercial Division.