A unit of Allianz SE agreed to plead guilty to fraud and pay $5.8bn in fines and restitution after a relatively low-risk group of investment funds collapsed in the wake of pandemic market gyrations. Allianz Global Investors US, a New York investment adviser wholly owned by the German insurance giant, will plead guilty to a single count of securities fraud and will pay, along with its parent company, more than $5bn to victims. The total payout, including a $1bn fine to the US Securities and Exchange Commission, is covered by provisions the company has already taken, it said. Gregoire Tournant, a former executive with the firm, was taken into custody Tuesday and charged separately for his rol
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