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collage of stock chart, map of world all in red and white and black (Photo: Shutterstock)56t4

An Arkansas public pension fund has accused investment manager Allianz Global Investors of “misconduct and gross mismanagement” when it sought to reverse losses by doubling down on a series of bad trades just before the coronavirus pandemic ravaged the U.S. stock market earlier this year.

In a lawsuit filed late Monday in Manhattan federal court, the Arkansas Teacher Retirement System said it had suffered at least $774 million in losses as a result of a “reckless strategy” by Allianz and its parent company that abandoned risk controls on funds meant to weather severe market downturns.

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