Raytheon Technologies’ corporate pension fund is the latest of a bevy of retirement plans to sue Allianz over alleged mismanagement of certain structured product investments.
Raytheon's complaint, filed on Friday, alleges that it lost about 75 percent of its $375 million investment with Allianz — losses that “far exceed” what it would have lost if Allianz “prudently” managed the investment strategy.
Raytheon joins several other pension funds that have already sued Allianz over the alleged mismanagement, including the Blue Cross Blue Shield Association National Employee Benefits Committee, the Teamster Members Retirement Plan, and Lehigh University, among several others.
“As we set out at the time, the Structured Alpha portfolio sustained losses during the severe market rout in late February and March,” an Allianz spokesperson said via email Tuesday. “While the losses were disappointing, the allegations made by Raytheon Technologies Corporation Pension Administration and Investment Committee are – like other plaintiffs’ – legally and factually flawed, and AllianzGI will defend itself vigorously against them.”