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Violation Tracker Individual Record

Company: Allianz Asset Management of America
Current Parent Company: Allianz
Penalty: $7,500,000
Year: 2024
Date: March 18, 2024
Offense Group: employment-related offenses
Primary Offense: benefit plan administrator violation
Secondary Offense: pension ERISA violation
Violation Description: Allianz agreed to pay $7.5 million to settle litigation alleging it included low-quality investment products in its employees' 410(k) plan.
Level of Government: federal
Action Type: private litigation
Court: Central District of California
Civil or Criminal Case: civil
Case ID: 8:23-cv-00098
Case Name: Chad Rocke et al v. Allianz Asset Management of America, L.P. et al
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: Germany
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.