FRANKFURT (Reuters) – Allianz wants to resolve investigations into its Structured Alpha investment funds soon, Chief Executive Oliver Baete told shareholders on Wednesday.
The demise of the funds has been under investigation by the U.S. Justice Department and the Securities and Exchange Commission, Allianz has disclosed, as well as the subject of numerous investor lawsuits.
The company has so far paid around $4.5 billion in compensation to investors and plaintiffs, board member Renate Wagner said in response to shareholders’ questions on the matter.
In February, Allianz set aside a provision of 3.7 billion euros ($3.90 billion) to cover anticipated costs for the issue.
($1 = 0.9492 euros)
(Reporting by Tom Sims and Alexander Huebner; Editing by Riham Alkousaa and Miranda Murray)