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Allianz Lawsuit Settlement

Allianz has agreed to settle a lawsuit in which plaintiffs accused Allianz of a preponderance of high-cost proprietary funds in its 401(k) Plan. The proposed settlement amount is $12 million, which would be split among affected employees who participated in the Plan between October 2009 and December 2017. A spokesperson for the company stated that the settlement does not equate to any admission of fault or liability, but rather, the company’s intent to avoid the “uncertainty, expense and burden of additional litigation.” The settlement is subject to court approval in the coming weeks.

www.investmentnews.com; January 2, 2018.