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Allianz warns of risk, confirms US Justice Department probe

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The Allianz financial services company is warning that lawsuits brought by U.S. investors against the company could end up having a material impact on its future financial results

The Allianz financial services company is warning that lawsuits brought by U.S. investors against the company could end up having a material impact on its future financial results.

The major German company made the disclosure Sunday, noting that it received a request from the U.S. Department of Justice for documents and information related to the company’s Structured Alpha Funds business, which is at the center of the investor lawsuits. The Securities and Exchange Commission launched its own probe into the matter last year.

In a statement, Munich-based Allianz SE said the Department of Justice’s request, plus “information available to Allianz as of today,” prompted the company’s management to conclude that there is “a relevant risk that the matters relating to the Structured Alpha Funds could materially impact future financial results of Allianz Group.”

The company noted that it can’t predict how much of a financial impact it could be facing at this point, given the uncertain outcome of the Securities and Exchange Commission and Department of Justice investigations, and the litigation it faces.

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At the time, Allianz said the complaints were “legally and factually flawed.”

Allianz is one of the world’s biggest insurers and financial services companies. In May, the company said it had 2.432 billion euros ($2.89 billion) in total assets under management as of the end of the first quarter.

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