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Bernstein Litowitz Berger & Grossmann LLP: City Of Milwaukee Employes' Retirement System Seeks To Recover Losses Incurred On Investments In Allianz Structured Alpha Products

·1 min read

NEW YORK, Oct. 16, 2020 /PRNewswire/ -- Today, City of Milwaukee Employes' Retirement System (CMERS), a multibillion dollar retirement plan, filed a complaint in the United States District Court for the Southern District of New York seeking to recover the losses it incurred as a result of negligence and breaches of fiduciary and contractual duties by Allianz Global Investors U.S. LLC and related defendants ("Allianz").

The complaint alleges that CMERS invested in the Structured Alpha U.S. Fixed Income 250 LLC and the Structured Alpha 1000 Plus LLC, which each had an investment strategy designed to provide stable returns and protection during a market downturn. The complaint alleges that Allianz deviated dramatically from the market-neutral strategy its contracts and fiduciary obligations required it to follow.

The complaint also alleges that once the Alpha funds started incurring losses in February, Allianz took a series of actions in further contravention of the risk-management principles and investment strategy it was required to follow that exacerbated the losses in the Alpha funds.

CMERS is taking this important action in order to protect the assets it holds in trust for the retirement of its members and beneficiaries, and to hold Allianz accountable for its wrongful conduct.

For more information, please contact counsel for CMERS:

Avi Josefson, Partner
Bernstein Litowitz Berger & Grossmann
avi@blbglaw.com
(312) 373-3880

Cision
Cision

View original content:http://www.prnewswire.com/news-releases/bernstein-litowitz-berger--grossmann-llp-city-of-milwaukee-employes-retirement-system-seeks-to-recover-losses-incurred-on-investments-in-allianz-structured-alpha-products-301154228.html

SOURCE Bernstein Litowitz Berger & Grossmann LLP