Subsidiary Allianz SE has agreed to pay more than $ 6 billion in fines and restitution.


Photo:

Benjamin Giret / Bloomberg News

One of Allianz SE‘s

ALIZF 2.74%

U.S. investment departments have pleaded guilty and agreed to pay more than $ 6 billion in fines and restitution for a scheme to defraud private fund investors, the Justice Department said Tuesday.

Three former employees of Allianz Global Investors have also been charged in the scheme. The two pleaded guilty.

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