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Allianz to Pay $7.5M to Settle an ERISA Lawsuit

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Allianz Asset Management of America will pay $7.5 million to settle an ERISA lawsuit filed by current and former employees, according to a settlement document submitted Aug. 18 to a U.S. District Court in Santa Ana, Calif.

The plaintiffs sued in January 2023 and later amended their complaint, criticizing the company’s 401(k) plan offering of proprietary investments that they said violated ERISA’s rules against self-dealing.

The parties began negotiating a settlement in mid-May. They reached an agreement-in-principle four weeks ago, but they didn’t disclose the terms at that time in the class-action case of Rocke et al. vs. Allianz Asset Management of America LP et al.

Read more at News.law

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