Lawyers from Wilson Sonsini Goodrich & Rosati have accused a German asset management company of pursuing a risky investment strategy that caused J. Paul Getty Trust to lose more than $71 million it invested.

The 11-count lawsuit, filed Thursday in Manhattan federal court, claimed that Allianz SE and its subsidiary Allianz Global Investors U.S. in early 2020 abandoned a core hedging strategy meant to protect against market downturns and volatility.

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