ALLIANZ GLOBAL INVESTORS STRUCTURED ALPHA MUTUAL FUND LITIGATION
Silver Golub & Teitell LLP (SGT), with co-counsel Selendy Gay Elsberg PLLC, has filed a class action on behalf of SGT’s client and all other former investors in five mutual funds managed by Allianz Global Investors U.S. LLC that purchased, sold or liquidated shares of one of the following funds managed by AllianzGI’s Structured Products Group from January 1, 2015, through December 31, 2020 (the “Structured Alpha Mutual Funds”):
- AllianzGI Structured Return Fund
- AllianzGI U.S. Equity Hedged Fund
- AllianzGI PerformanceFee Structured US Equity Fund
- AllianzGI PerformanceFee Structured US Fixed Income Fund
- Nationwide Multi-Cap Portfolio Fund
The Complaint alleges that AllianzGI committed securities fraud by making false and misleading statements that substantially understated the risks AllianzGI was taking on behalf of the Structured Alpha Mutual Funds. Instead of managing the Structured Alpha Mutual Funds as represented, the Complaint alleges that AllianzGI prioritized investment returns over risk management in ways that were fundamentally inconsistent with AllianzGI’s representations concerning the Structured Alpha Mutual Funds’ Principal Investment Strategies in order to earn more performance fee-based compensation.
On May 17, 2022, AllianzGI and two Structured Products Group employees — Stephen Bond-Nelson and Trevor Taylor — pleaded guilty to criminal and civil charges — including for securities fraud — as a result of engaging in the conduct described in the Complaint. AllianzGI agreed to pay more than $6 billion dollars in fines and restitution to private funds AllianzGI managed, but has not in any way compensated Structured Alpha Mutual Fund investors.
If you purchased, sold or liquidated shares in the Structured Alpha Mutual Funds during the Class Period as defined above, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff by contacting Ian W. Sloss at isloss@sgtlaw.com or at (203) 325-4491.
The action is titled Cole v. Allianz Global Investors U.S. LLC, No. 22-CV-0747 (J. Anello) (S.D. Cal.) and is pending in the United States District Court for the Southern District of California.
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