ALIZF - Allianz SE takes $4B charge tied to hedge funds' collapse

Insurer Allianz SE (OTCPK:ALIZF) took a EUR 3.7B ($4.2B) charge to pay for expected settlements with major investors in the AllianzGI US. Structured Alpha funds and "in light of current discussions with U.S. authorities," the company said in its Q4 2021 earnings release. The hedge funds collapsed at the beginning of the pandemic. But the matter still isn't settled. The company expects it will incur more expenses. Allianz SE (OTCPK:ALIZF) registered shares rose 2.6% in trading on Thursday. "The anticipated settlements are an important step towards a resolution of the various proceedings," the company said. Talks with the U.S. Justice Department and the U.S. Securities and Exchange Commission are ongoing and the timing and ultimate resolution are still uncertain, it added. The provision reduced its 2021 Group net income by EUR 2.8B. In August, Allianz (OTCPK:ALIZF) warned that the DOJ probe into the funds presented risk that could "materially impact  future financial

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Allianz SE takes $4B charge tied to hedge funds' collapse