London (CNN Business) German asset manager Allianz has been accused of making reckless bets with the pensions of American teachers, truck drivers, subway workers and firefighters during the coronavirus market meltdown earlier this year. Allianz ALIZF At least six separate complaints demanding a jury trial have been filed againstin the Southern District of New York since July. Allianz has denied wrongdoing and said the lawsuits are without merit. The pension funds, which invested in Allianz hedge funds on the assurance that they were protected against a market crash, claim in court documents that the asset manager mismanaged the funds by abandoning its professed investment strategy without informing its clients. The "negligent and imprudent" actions meant that the "hard-earned pension funds" of essential workers were "decimated," the MTA, which employs more than 70,000 workers across New York City's transport system, said in court papers.

Source: CNN September 29, 2020 14:15 UTC