Update: Award amounts were mailed the week of July 19, 2024
The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Settlement of Class Action (the “Notice”), which you can access by clicking here. Because this website is just a summary, you should review the Notice for additional details.
Lead Plaintiffs Knox County Pension & Retirement Board, Knox Chapman Utility District, Beaumont Financial Partners LLC, William Jackson, and Emily E. Cole, on behalf of themselves and the Settlement Class, defined below, have reached a settlement of this securities class action with defendants Allianz Global Investors U.S. LLC, Allianz Global Investors Distributors LLC, and the Allianz Funds Multi-Strategy Trust n/k/a Virtus Strategy Trust (collectively, “Defendants”). Following notice to the Settlement Class, on March 9, 2023, the Court held a hearing to consider final approval of the Settlement and related matters. On May 6, 2023, the Clerk of the Court entered the Judgment and Order Granting Final Approval of Class Action Settlement which, among other things, finally approved the Settlement, approved the Plan of Allocation for the proceeds of the Settlement, and awarded attorney's fees and litigation expenses to Plaintiffs’ Counsel.
The Settlement provides a total recovery of $145,000,000 in cash for the benefit of the Settlement Class.
The Settlement Class consists of:
Any Person who or which purchased or otherwise acquired an interest in the shares of any of the following Allianz Global Investors Structured Alpha mutual funds (collectively, the “Mutual Funds”): the AllianzGI Structured Return Fund, the AllianzGI U.S. Equity Hedged Fund, the AllianzGI PerformanceFee Structured U.S. Equity Fund, and/or the AllianzGI PerformanceFee Structured U.S. Fixed Income Fund, pursuant or traceable to, or whose investments were otherwise solicited through, the Offering Communications (defined in the Notice), and who or which (i) purchased those shares prior to February 24, 2020, and sold those shares on or after February 24, 2020 and prior to the respective Mutual Fund’s liquidation date; (ii) purchased those shares prior to February 24, 2020, and held those shares through the liquidation of the respective Mutual Fund; (iii) purchased those shares on or after February 24, 2020, and sold those shares prior to the respective Mutual Fund’s liquidation date; or (iv) purchased those shares on or after February 24, 2020, and held those shares through the liquidation of the respective Mutual Fund, and, in each case, was damaged thereby.
Excluded from the Settlement Class are: (i) Defendants; (ii) any natural person who was a trustee, officer, or director of a Defendant and each such person’s Immediate Family Members; (iii) any parent, subsidiary, or affiliate of a Defendant; (iv) any Person in which a Defendant or any other excluded Person has a controlling interest; and (v) the legal representatives, agents, affiliates, heirs, successors-in-interest, or assigns of any such excluded Persons.
A copy of the Notice can be found in the menu on the left of this page.
The claims administration was completed in May 2024. On May 23, 2024, the Motion for Approval of Distribution Plan was filed. On May 24, 2024, the Court entered the Order Approving the Plan. The first distribution of the net settlement fund occurred on July 19, 2024. Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.
Please read the Notice carefully. If you have questions, you may call the Allianz Mutual Funds Settlement Help Line at 888-209-5181, or email info@AllianzMutualFundsLitigation.com.