U.S. markets close in 23 minutes
  • S&P 500

    3,821.02
    -4.31 (-0.11%)
     
  • Dow 30

    30,896.64
    -200.62 (-0.65%)
     
  • Nasdaq

    11,293.66
    +165.81 (+1.49%)
     
  • Russell 2000

    1,728.03
    +0.27 (+0.02%)
     
  • Crude Oil

    99.94
    -8.49 (-7.83%)
     
  • Gold

    1,767.10
    -34.40 (-1.91%)
     
  • Silver

    19.19
    -0.47 (-2.40%)
     
  • EUR/USD

    1.0269
    -0.0155 (-1.49%)
     
  • 10-Yr Bond

    2.8090
    -0.0800 (-2.77%)
     
  • GBP/USD

    1.1950
    -0.0154 (-1.27%)
     
  • USD/JPY

    135.7200
    +0.0600 (+0.04%)
     
  • BTC-USD

    20,251.54
    +473.69 (+2.40%)
     
  • CMC Crypto 200

    437.68
    -2.34 (-0.53%)
     
  • FTSE 100

    7,025.47
    -207.18 (-2.86%)
     
  • Nikkei 225

    26,423.47
    +269.66 (+1.03%)
     

Allianz to pay $6 bln over Structured Alpha fraud, fund manager charged

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

NEW YORK, May 17 (Reuters) - Germany's Allianz SE has agreed to pay about $6 billion and a U.S. asset management unit will plead guilty to fraud after a group of multibillion investment funds collapsed amid market turmoil triggered by the coronavirus pandemic in 2020.

The U.S. Department of Justice, which announced the payout and plea, also said Gregoire Tournant, the former chief investment officer for the funds, is being indicted for conspiracy, securities fraud, investment advisor fraud and obstruction of justice.

Allianz's payout includes a $2.33 billion fine, $3.24 billion of restitution and $463 million of forfeiture, according to a plea agreement. (Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)