Key Takeaways
- • Retirees in two pension plans reached a proposed $9.25 million class settlement over losses tied to the collapse of Allianz SE's Structured Alpha funds, resolving claims against plan trustees and investment adviser Callan LLC.
- • Callan would contribute $5 million, while the Carpenters of Western Washington Board of Trustees would cover the remaining $4.25 million, according to a motion seeking preliminary settlement approval filed on a Tuesday.
- • Each of the two participant classes covers more than 20,000 people, and the settlement represents about 8.5% of the retirees' claimed losses, per Bloomberg Law.
- • The deal remains subject to court approval, as the filing sought only preliminary settlement approval.
Summary
Retirees claiming their pension plans lost millions of dollars after the collapse of Allianz SE's Structured Alpha funds have negotiated a $9.25 million class settlement, according to Bloomberg Law. The settlement resolves claims against the plan trustees and investment adviser Callan LLC.
The proposed agreement is expected to benefit two classes of participants in a pair of retirement plans, with each class covering more than 20,000 people. Under the terms described in a Tuesday motion seeking preliminary settlement approval, Callan would pay $5 million and the Carpenters of Western Washington Board of Trustees would be responsible for the remaining $4.25 million.
Bloomberg Law reported that the settlement amount represents about 8.5% of the retirees' claimed losses. The source article was truncated before providing further detail on the recovery calculation or the exact losses claimed, so those figures should be treated as limited to what was reported. Because the motion sought only preliminary approval, the settlement remains subject to court review before it becomes final.
The proposed agreement is expected to benefit two classes of participants in a pair of retirement plans, with each class covering more than 20,000 people. Under the terms described in a Tuesday motion seeking preliminary settlement approval, Callan would pay $5 million and the Carpenters of Western Washington Board of Trustees would be responsible for the remaining $4.25 million.
Bloomberg Law reported that the settlement amount represents about 8.5% of the retirees' claimed losses. The source article was truncated before providing further detail on the recovery calculation or the exact losses claimed, so those figures should be treated as limited to what was reported. Because the motion sought only preliminary approval, the settlement remains subject to court review before it becomes final.
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