The last time we checked in on the remarkable story of Allianz' imploded hedge funds in mid-February, we learned that the insurance giant would take a €3.7 billion ($4.2 billion) charge against the event which was not supposed to happen. That's because the hedge funds offered by the AGI unit were created to provide protection against a market crash, like the one that took place in 2020, yet which liquidated at the end of March 2020 after suffering massive losses, with Allianz forced to wind down the rest. Fast forward to today when we learn that the Allianz unit behind the hedge fund collapse has agreed to plead ... (full story)