Allianz says legal bill for investment fund losses could reach $4 billion


Allianz SE has set aside more than $4 billion for legal fees stemming from losses its investment funds racked up during the March 2020 market panic when their options trades went wrong.

The German financial giant said on Thursday that it recognized the 3.7 billion euros in legal provisions, or $4.2 billion, in its 2021 results. As a result, Allianz’s net profit fell 2.6% to 6.6 billion euros. The fund’s losses have drawn probes from the US Department of Justice and the Securities and Exchange Commission as well as several lawsuits from investors in the funds.


Wj

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