- Allianz SE ALIZY mentioned it might put aside one other €1.9 billion ($2 billion) because it braces for the result of U.S. regulatory investigations right into a multibillion-dollar buying and selling debacle at its fund’s arm.
- The collapse of a $15 billion set of funding funds through the pandemic market turmoil in early 2020 has solid an extended shadow over the monetary agency.
- The new provision comes on high of €3.7 billion the corporate put aside in February to cowl litigation and U.S. regulatory investigations into the funds’ demise. It brings the whole to €5.6 billion.
- “The fresh charge clearly shows the enormous damage that has been done,” mentioned Ingo Speich, head of sustainability and company governance at Deka, a high Allianz investor.
- Allianz mentioned the extra provision ought to cowl the remaining prices it may incur. The sense of certainty suggests a settlement with the U.S. authorities may very well be within the offing.
- “This provision booked is a fair estimate of its remaining financial exposure in relation to compensation payments to investors and payments under any governmental proceedings resolution,” Allianz mentioned.
- Allianz mentioned it was searching for a “timely” decision to its talks with the DOJ and SEC.
- Photo by Tumisu from Pixaby
© 2022 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.
Germany’s Allianz Sets Aside Additional $2B For Fund Fiasco: Reuters & More Latest News Update
Germany’s Allianz Sets Aside Additional $2B For Fund Fiasco: Reuters & More Live News
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Germany’s Allianz Sets Aside Additional $2B For Fund Fiasco: Reuters & More News Today
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