Search

Attributes

This case was last updated from PACER on 06/21/2021 at 13:50:05 (UTC).

Alaska Laborers-Employers Retirement Fund et al v. Allianz Global Investors U.S. LLC et al

Case Summary

On March 3, 2021, the Alaska Laborers-Employers Retirement Fund (“Alaska Laborers Plan” or “Plan”) and Augustine J. Merrick II and Steve Geraghty, in their capacities as trustees and fiduciaries of the Alaska Laborers Plan collectively (“Plaintiffs”), represented by David S Preminger of Keller Rohrback L.L.P. (NYC) filed an ECF lawsuit against Allianz Global Investors U.S. LLC (“AllianzGI”), Allianz Global Investors U.S. LLC, Allianz Asset Management of America L.P., Allianz Asset Management of America LLC, PFP Holdings Inc. and others (collectively, “Defendants”), seeking declaratory relief, damages among other reliefs for alleged  breach of common-law fiduciary duties, negligence, and breach of contract claims. This case was filed in U.S. District Court in the Southern District of New York with Judge Katherine P. Failla presiding.

 

In their complaint, Plaintiff alleged that “In marketing the Structured Allianz 350 Fund to Plaintiffs, AllianzGI made numerous specific statements regarding the Fund and its “Structured Alpha” strategy generally, the investment objectives and strategies of the Allianz 350 Fund and the strategy generally, and the risks and anticipated returns of the Allianz 350 Fund and the strategy generally. AllianzGI assured Plaintiffs that the Structured Allianz 350 Fund would be managed so as to provide “absolute returns in any environment,” including a “market crash,” by utilizing comprehensive “risk-monitoring tactics.” But AllianzGI failed to follow its stated investment strategy. Instead, it imprudently and disloyally managed the Structured Allianz 350 Fund in a manner that exposed the Alaska Laborers Plan and other investors to losses that they had been assured they would be protected against. By March 2020, AllianzGI’s actions had caused the Plan to suffer losses of over 20 million dollars. AllianzGI’s actions were contrary to numerous assurances given to the Alaska Laborers Plan in disclosure documents and other materials provided in connection with the Alaska Laborers Plan’s decisions to invest, and constituted breaches of AllianzGI’s fiduciary duties under ERISA or the common law.”

 

Plaintiff further alleged that “Rather than buying and maintaining put options in a greater quantity than it sold, AllianzGI caused the Structured Alpha Portfolio to become a net seller of put options. This conflicted with the Structured Alpha Portfolio’s stated “market neutral” mandate and resulted in substantial losses to the Allianz 350 Fund. On March 25, 2020, AllianzGI announced that it was forced to liquidate two other funds in the Structured Alpha portfolio, the Structured Alpha 1000 and the Structured Alpha 1000 Plus funds. Analysts and insurers quickly began to downgrade AllianzGI’s other Structured Alpha Funds.”

 

There are ten claims for relief laid down by the Plaintiffs. The first and fifth claim for relief is by Plaintiffs Merrick and Geraghty against AllianzGI for Breach of Fiduciary Duties Under ERISA §§ 502(a)(2) and (a)(3), 29 U.S.C. §§ 1132(a)(2) and (a)(3), engaging in Prohibited Transactions Forbidden by ERISA § 406(b), other claims are put forward by  Alaska Laborers Plan Against All Defendants are Common Law Breach of Fiduciary Duty, Common Law Claim for Negligence, Common Law Claim for Breach of Contract, Violations of Securities Act Sections 12 and 15, Violations of Exchange Act Section 10 and Rule 10b-5, Violations of the Alaska Securities Act, Common Law Fraud and Negligent Misrepresentation. 

 

In its prayer for relief, Plaintiffs requested the court to declare that Defendant AllianzGI has breached its fiduciary duties to the Alaska Laborers Plan, pass an order finding that AllianzGI engaged in prohibited transactions, disgorgement of any profits improperly obtained. Plaintiffs further requested the court to award damages, pre- and post-judgment along with costs of litigation.

 

This case summary may not reflect the current position of the parties to this litigation or the status of this case. Sign up to view the latest case updates and court documents.

Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-01879

  • Filing Date:

    03/03/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Labor - Employee Benefit

  • Court:

    U.S. District Courts

  • Courthouse:

    New York Southern District

Judge Details

Presiding Judge

Katherine Polk Failla

 

Party Details

Plaintiffs

Augustine J. Merrick II and Steve Geraghty in their Capacity as Fiduciaries of the Alaska Laborers-Employers Retirement Fund

Alaska Laborers-Employers Retirement Fund

Augustine J. Merrick II

Steve Geraghty

Defendants

Allianz Asset Management of America Holdings Inc.

Allianz of America Inc.

PFP Holdings Inc.

Allianz Asset Management GmbH

Allianz SE

Allianz Global Investors U.S. LLC

Allianz Asset Management of America LLC

Allianz Asset Management of America L.P.

Allianz Global Investors U.S. Holdings LLC

Attorney/Law Firm Details

Plaintiff Attorneys

David S Preminger

Attorney at Keller Rohrback L.L.P. (NYC)

1140 Avenue Of The Americas

New York, NY 10036

David S. Preminger

Attorney at Keller Rohrback L.L.P. (NYC)

1140 Avenue Of The Americas

New York, NY 10036

Defendant Attorneys

Ann-Elizabeth Ostrager

Attorney at Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

Stephanie G Wheeler

Attorney at Sullivan and Cromwell, LLP(NYC)

125 Broad Street

New York, NY 10004

Robert Joseph Giuffra, Jr.

Attorney at Sullivan & Cromwell, LLP (NYC)

125 Broad Street

New York, NY 10004

Jacob Michael Croke

Attorney at Sullivan & Cromwell, LLP (NYC)

125 Broad Street

New York, NY 10004

Hilary M. Williams

Attorney at Sullivan & Cromwell, LLP (NYC)

125 Broad Street

New York, NY 10004

Mary Elizabeth Brust

Attorney at Ropes & Gray LLP (NYC)

1211 Avenue Of The Americas

New York, NY 10036

William T Davison

Attorney at Ropes & Gray LLP (MA)

800 Boylston St

Boston, MA 02199

Amy D. Roy

Attorney at Ropes & Gray LLP

800 Boylston

Boston, MA 02199

Cole A Goodman

Attorney at Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199

Robert A. Skinner

Attorney at Ropes & Gray LLP (MA)

800 Boylston St

Boston, MA 02199

 

Court Documents

#25

(#25) STIPULATED AMENDED PROTECTIVE ORDER...regarding procedures to be followed that shall govern the handling of confidential material... This confidentiality agreement does not bind the Court or any of its personnel. The Court can modify this stipulation at any time. The Court will retain jurisdiction over the terms and conditions of this agreement only for the pendency of this litigation. Any party wishing to make redacted or sealed submissions shall comply with Rule 6(A) of this Court's Individual Rules of Civil Procedure. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/21/2021) (vf) (Entered: 04/22/2021)

#23

(#23) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #15 Motion for Amy D. Roy to Appear Pro Hac Vice. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. The Clerk of Court is directed to terminate the motion pending at docket entry 15. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/12/2021) (mml) (Entered: 04/12/2021)

#22

(#22) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #16 Motion for Cole A. Goodman to Appear Pro Hac Vice. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. The Clerk of Court is directed to terminate the motion pending at docket entry 16. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/12/2021) (mml) (Entered: 04/12/2021)

#20

(#20) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #18 Motion for Robert A. Skinner to Appear Pro Hac Vice. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. The Clerk of Court is directed to terminate the motion pending at docket entry 18. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/12/2021) (mml) (Entered: 04/12/2021)

#19

(#19) NOTICE OF APPEARANCE by Mary Elizabeth Brust on behalf of Allianz Global Investors U.S. LLC..(Brust, Mary) (Entered: 04/09/2021)

#18

(#18) MOTION for Robert A. Skinner to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379564. Motion and supporting papers to be reviewed by Clerk's Office staff. Document filed by Allianz Global Investors U.S. LLC..(Skinner, Robert) (Entered: 04/09/2021)

#17

(#17) MOTION for William T. Davison to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379557. Motion and supporting papers to be reviewed by Clerk's Office staff. Document filed by Allianz Global Investors U.S. LLC..(Davison, William) (Entered: 04/09/2021)

#16

>>>NOTICE REGARDING PRO HAC VICE MOTION. Regarding Document No. #17 MOTION for William T. Davison to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379557. Motion and supporting papers to be reviewed by Clerk's Office staff., #15 MOTION for Amy D. Roy to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379527. Motion and supporting papers to be reviewed by Clerk's Office staff., #18 MOTION for Robert A. Skinner to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379564. Motion and supporting papers to be reviewed by Clerk's Office staff., #16 MOTION for Cole A. Goodman to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379550. Motion and supporting papers to be reviewed by Clerk's Office staff.. The document has been reviewed and there are no deficiencies. (vba) (Entered: 04/12/2021)

#15

>>>NOTICE REGARDING PRO HAC VICE MOTION. Regarding Document No. #17 MOTION for William T. Davison to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379557. Motion and supporting papers to be reviewed by Clerk's Office staff., #15 MOTION for Amy D. Roy to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379527. Motion and supporting papers to be reviewed by Clerk's Office staff., #18 MOTION for Robert A. Skinner to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379564. Motion and supporting papers to be reviewed by Clerk's Office staff., #16 MOTION for Cole A. Goodman to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379550. Motion and supporting papers to be reviewed by Clerk's Office staff.. The document has been reviewed and there are no deficiencies. (vba) (Entered: 04/12/2021)

#14

No Description Available

#13

No Description Available

#12

No Description Available

#9

No Description Available

#7

No Description Available

#6

No Description Available

#4

(#4) STATEMENT OF RELATEDNESS re: that this action be filed as related to 1:20-cv-05615. Document filed by Alaska Laborers-Employers Retirement Fund, Augustine J. Merrick II and Steve Geraghty in their Capacity as Fiduciaries of the Alaska Laborers-Employers Retirement Fund..(Preminger, David) (Entered: 03/03/2021)

#3

(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Allianz Global Investors U.S. LLC; Allianz Global Investors U.S. Holdings LLC; Allianz Asset Management of America L.P.; Allianz Asset Management of America LLC ; PFP Holdings Inc.; Allianz Asset Management of America Holdings Inc.; Allianz of America Inc.; Allianz Asset Management GMBH; Allianz SE, re: #1 Complaint,,. Document filed by Alaska Laborers-Employers Retirement Fund, Augustine J. Merrick II and Steve Geraghty in their Capacity as Fiduciaries of the Alaska Laborers-Employers Retirement Fund..(Preminger, David) (Entered: 03/03/2021)

13 More Documents Available
View All Documents

 

Docket Entries

  • 04/21/2021
  • View Court Documents
  • Docket(#25) STIPULATED AMENDED PROTECTIVE ORDER...regarding procedures to be followed that shall govern the handling of confidential material... This confidentiality agreement does not bind the Court or any of its personnel. The Court can modify this stipulation at any time. The Court will retain jurisdiction over the terms and conditions of this agreement only for the pendency of this litigation. Any party wishing to make redacted or sealed submissions shall comply with Rule 6(A) of this Court's Individual Rules of Civil Procedure. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/21/2021) (vf) (Entered: 04/22/2021)

    Read MoreRead Less
  • 04/21/2021
  • View Court Documents
  • Docket(#24) JOINT LETTER addressed to Judge Katherine Polk Failla from Robert J. Giuffra, Jr. dated 4/21/2021 re: Proposed Amended Protective Order. Document filed by Allianz Global Investors U.S. LLC. (Attachments: #1 Proposed Amended Protective Order, #2 Redline of Proposed Amended Protective Order to Stipulated Protective Order).(Giuffra, Robert) (Entered: 04/21/2021)

    Read MoreRead Less
  • 04/12/2021
  • View Court Documents
  • Docket(#23) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #15 Motion for Amy D. Roy to Appear Pro Hac Vice. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. The Clerk of Court is directed to terminate the motion pending at docket entry 15. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/12/2021) (mml) (Entered: 04/12/2021)

    Read MoreRead Less
  • 04/12/2021
  • View Court Documents
  • Docket(#22) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #16 Motion for Cole A. Goodman to Appear Pro Hac Vice. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. The Clerk of Court is directed to terminate the motion pending at docket entry 16. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/12/2021) (mml) (Entered: 04/12/2021)

    Read MoreRead Less
  • 04/12/2021
  • View Court Documents
  • Docket(#21) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #17 Motion for William Davison to Appear Pro Hac Vice. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. The Clerk of Court is directed to terminate the motion pending at docket entry 17. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/12/2021) (mml) (Entered: 04/12/2021)

    Read MoreRead Less
  • 04/12/2021
  • View Court Documents
  • Docket(#20) ORDER GRANTING MOTION TO APPEAR PRO HAC VICE granting #18 Motion for Robert A. Skinner to Appear Pro Hac Vice. IT IS HEREBY ORDERED that Applicant is admitted to practice pro hac vice in the above-captioned action in the United States District Court for the Southern District of New York. All attorneys appearing before this Court are subject to the Local Rules of this Court, including the Rules governing discipline of attorneys. The Clerk of Court is directed to terminate the motion pending at docket entry 18. SO ORDERED. (Signed by Judge Katherine Polk Failla on 4/12/2021) (mml) (Entered: 04/12/2021)

    Read MoreRead Less
  • 04/12/2021
  • View Court Documents
  • Docket>>>NOTICE REGARDING PRO HAC VICE MOTION. Regarding Document No. #17 MOTION for William T. Davison to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379557. Motion and supporting papers to be reviewed by Clerk's Office staff., #15 MOTION for Amy D. Roy to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379527. Motion and supporting papers to be reviewed by Clerk's Office staff., #18 MOTION for Robert A. Skinner to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379564. Motion and supporting papers to be reviewed by Clerk's Office staff., #16 MOTION for Cole A. Goodman to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379550. Motion and supporting papers to be reviewed by Clerk's Office staff.. The document has been reviewed and there are no deficiencies. (vba) (Entered: 04/12/2021)

    Read MoreRead Less
  • 04/09/2021
  • View Court Documents
  • Docket(#19) NOTICE OF APPEARANCE by Mary Elizabeth Brust on behalf of Allianz Global Investors U.S. LLC..(Brust, Mary) (Entered: 04/09/2021)

    Read MoreRead Less
  • 04/09/2021
  • View Court Documents
  • Docket(#18) MOTION for Robert A. Skinner to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379564. Motion and supporting papers to be reviewed by Clerk's Office staff. Document filed by Allianz Global Investors U.S. LLC..(Skinner, Robert) (Entered: 04/09/2021)

    Read MoreRead Less
  • 04/09/2021
  • View Court Documents
  • Docket(#17) MOTION for William T. Davison to Appear Pro Hac Vice . Filing fee $ 200.00, receipt number ANYSDC-24379557. Motion and supporting papers to be reviewed by Clerk's Office staff. Document filed by Allianz Global Investors U.S. LLC..(Davison, William) (Entered: 04/09/2021)

    Read MoreRead Less
13 More Docket Entries
  • 03/10/2021
  • DocketCASE ACCEPTED AS RELATED. Create association to 1:20-cv-05615-KPF. Notice of Assignment to follow. (ad) (Entered: 03/10/2021)

    Read MoreRead Less
  • 03/04/2021
  • View Court Documents
  • Docket(#5) ELECTRONIC SUMMONS ISSUED as to Allianz Asset Management GmbH, Allianz Asset Management of America Holdings Inc., Allianz Asset Management of America L.P., Allianz Asset Management of America LLC, Allianz Global Investors U.S. Holdings LLC, Allianz Global Investors U.S. LLC, Allianz SE, Allianz of America Inc., PFP Holdings Inc.. (sj) (Entered: 03/04/2021)

    Read MoreRead Less
  • 03/04/2021
  • DocketCASE REFERRED TO Judge Katherine Polk Failla as possibly related to 1:20cv5615. (sj) (Entered: 03/04/2021)

    Read MoreRead Less
  • 03/04/2021
  • DocketCase Designated ECF. (sj) (Entered: 03/04/2021)

    Read MoreRead Less
  • 03/04/2021
  • DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Unassigned. (sj) (Entered: 03/04/2021)

    Read MoreRead Less
  • 03/04/2021
  • Docket***NOTICE TO ATTORNEY REGARDING PARTY MODIFICATION. Notice to attorney David S Preminger. The party information for the following party/parties has been modified: Augustine J. Merrick II, Steve Geraghty. The information for the party/parties has been modified for the following reason/reasons: party name was entered incorrectly; party text entered was incorrectly. (sj) (Entered: 03/04/2021)

    Read MoreRead Less
  • 03/03/2021
  • View Court Documents
  • Docket(#4) STATEMENT OF RELATEDNESS re: that this action be filed as related to 1:20-cv-05615. Document filed by Alaska Laborers-Employers Retirement Fund, Augustine J. Merrick II and Steve Geraghty in their Capacity as Fiduciaries of the Alaska Laborers-Employers Retirement Fund..(Preminger, David) (Entered: 03/03/2021)

    Read MoreRead Less
  • 03/03/2021
  • View Court Documents
  • Docket(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Allianz Global Investors U.S. LLC; Allianz Global Investors U.S. Holdings LLC; Allianz Asset Management of America L.P.; Allianz Asset Management of America LLC ; PFP Holdings Inc.; Allianz Asset Management of America Holdings Inc.; Allianz of America Inc.; Allianz Asset Management GMBH; Allianz SE, re: #1 Complaint,,. Document filed by Alaska Laborers-Employers Retirement Fund, Augustine J. Merrick II and Steve Geraghty in their Capacity as Fiduciaries of the Alaska Laborers-Employers Retirement Fund..(Preminger, David) (Entered: 03/03/2021)

    Read MoreRead Less
  • 03/03/2021
  • View Court Documents
  • Docket(#2) CIVIL COVER SHEET filed..(Preminger, David) (Entered: 03/03/2021)

    Read MoreRead Less
  • 03/03/2021
  • View Court Documents
  • Docket(#1) COMPLAINT against Allianz Asset Management GmbH, Allianz Asset Management of America Holdings Inc., Allianz Asset Management of America L.P., Allianz Asset Management of America LLC, Allianz Global Investors U.S. Holdings LLC, Allianz Global Investors U.S. LLC, Allianz SE, Allianz of America Inc., PFP Holdings Inc.. (Filing Fee $ 402.00, Receipt Number ANYSDC-24182284)Document filed by Augustine J. Merrick II and Steve Geraghty in their Capacity as Fiduciaries of the Alaska Laborers-Employers Retirement Fund, Alaska Laborers-Employers Retirement Fund. (Attachments: #1 Exhibit A, #2 Exhibit B, #3 Exhibit C).(Preminger, David) (Entered: 03/03/2021)

    Read MoreRead Less
related-case-search

Dig Deeper

Get Deeper Insights on Court Cases


Latest cases where PFP Holdings Inc. is a litigant

Latest cases where Allianz of America, Inc., a subsidiary Allianz S.E., Munich, Germany is a litigant