Allianz chief Oliver Butt does not expect years of legal stalemate. The pending actions will put pressure on stocks.
AllianzCEO Oliver Bate wants the legal battle over the losses of billions from US investors with the subsidiary’s hedge funds Allianz Attach Global Investors (AllianzGI) ASAP. Bäte told “Handelsblatt” (Friday Edition) he’s not counting on years of legal deadlock. “We all have an interest in dealing with the case as quickly and as cleanly as possible. Once the US Department of Justice is involved, it is operating on its schedule.”
Bäte admitted that the pending lawsuit affected the stock. Some funds are not allowed to invest in assets in dispute with the US Department of Justice. “We have to find a balance between economic effort and what is appropriate and correct in a given situation,” he said. Allianz-President. The lawsuit is likely to take years.
Filed a lawsuit against 25 investors
About 25 institutional investors in the United States – including pension funds for government employees – have Allianz He sued $6 billion (5.1 billion euros) because they lost a significant portion of their stake in the spring of 2020 with risky but allegedly crisis-resistant hedge funds. The losses also prompted regulators in the United States and Germany and the US Department of Justice to act. Bäte considers this an isolated case: “We are assuming a true external case. Because it is a very special derivatives-based product for a select number of specialized investors. We have nothing to compare in our portfolio.”
Bäte does not see any personal errors. “So far I don’t know anyone.” On the other hand, the board member responsible for managing the assets, Jacqueline Hunt, is facing the end. The supervisory board will deal with the personnel issue on September 30.
(what or what)
