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January 18, 2024
The settlement Silver Golub & Teitell LLP's clients reached with Allianz Global Investors on behalf of Allianz Global Investors mutual fund shareholders was the fifth-largest securities class action settlement of 2023, according to ISS Securities Class Action Services. ISS Securities Class Action Services' report entitled “Largest Securities-Related Class Action Settlements of 2023” released on January 18, 2023 summarized the settlement as follows:
Allianz Global’s $145 million payout benefits shareholders of collapsed mutual funds that Allianz managed. The SEC had charged AllianzGI with abandoning its investment and risk management strategies in the management of the Structural mutual funds. This allegedly subjected investors to “undisclosed risk and ultimately led to the massive losses the funds incurred in February and March of 2020,” when the COVID-19 pandemic roiled markets . . . In May 2022, Allianz pled guilty to charges from the SEC regarding the management of its Structured Alpha strategies and agreed to pay more than $6 billion in restitution, including more than $1 billion into an SEC Fair Fund that was made available to investors. The securities class action accused Allianz of similarly harming investors and provides recovery to those investors.
The settlement's ranking underscores SGT's expertise and commitment to securities litigation. SGT is proud to have obtained additional compensation for AllianzGI mutual fund shareholders above and beyond the $600 million+ fair fund the SEC required AllianzGI to establish for their benefit.
SGT's efforts in this case were led by partner Ian W. Sloss. The case was Jackson v. Allianz Global Investors U.S. LLC, Index No. 651233/2021 (N.Y.S.).