Headquarters of the U.S. Securities and Exchange Commission in Washington, D.C. Photo: Diego M. Radzinschi/ALM
Allianz Global Investors U.S. LLC reached a $6 billion deal with the SEC resolving claims tied to a scheme that saw investors lose billions after the COVID-19 pandemic crippled U.S. markets.
Pension funds for teachers, clergy, bus drivers, engineers and other investors were defrauded, with losses and downside risks concealed for years, according to a statement released by Securities and Exchange Commission Chair Gary Gensler.
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Brad Kutner
Brad Kutner is part of the National Law Journal's D.C. Litigation team. Contact him at [email protected]. On Twitter: @BradKutner.
