Allianz faces a new probe by regulator in GermanyBloombergThe German Federal Financial Supervisory Authority (BaFin) has started its own investigation into Allianz SE’s Structured Alpha Funds, which are at the center of lawsuits and probes in the US following steep losses during the COVID-19 pandemic. Reuters reported on the BaFin probe earlier. Officials for Allianz and BaFin declined to comment. Allianz last month disclosed that the US Department of Justice had started a probe into the funds and warned that the matter could “materially impact” future earnings, sending shares of the insurer tumbling. Allianz told a Manhattan federal judge in February that the plaintiffs are sophisticated investors that chose high-risk private funds with their eyes open.

Source: Taipei Times September 07, 2021 15:56 UTC