Headquarters of the U.S. Securities and Exchange Commission in Washington, D.C. Photo: Diego M. Radzinschi/ALM

Allianz Global Investors U.S. LLC reached a $6 billion deal with the U.S. Securities and Exchange Commission (SEC) resolving claims tied to a scheme that saw investors lose billions after the Covid-19 pandemic crippled U.S. markets. 

Pension funds for teachers, clergy, bus drivers, engineers, and other investors were defrauded, with losses and downside risks concealed for years, according to a statement released by SEC Chair Gary Gensler. The case marks the latest white-collar crackdown under the Biden administration that targeted corporate employees and required an admission of guilt. The policy change shifts away from non-prosecution or deferred-prosecution agreements used in the past.

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Brad Kutner

Brad Kutner is part of the National Law Journal's D.C. Litigation team. Contact him at [email protected]. On Twitter: @BradKutner.

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