FRANKFURT, Reuters – A number of large investors filed Monday to terminate their suits against Allianz (DE) following a settlement for their losses from a multibillion dollar trading scandal at Germany’s asset manager’s funds arm.

This is a significant milestone in the fall of $15 billion Structured Alpha Funds, an aga that plagued the German asset manager and insurer for the past two years.

It isn’t finished. Allianz still awaits the results of U.S. regulatory inquiries by the Department of Justice and Securities and Exchange Commission.

Allianz claimed earlier this month it had reached an agreement with many investors. It didn’t specify who. Allianz stated at the time that it had set aside 3.75 billion euros ($4.15 Billion) to handle the investigations and lawsuits.

This sum caused Allianz to experience a loss in its fourth quarter and resulted also in the reduction of pay for its chief executive officer and other members.

Monday’s New York Court filings were made by pension funds from various Blue Cross and Blue Shield entities as well Raytheon Technologies Corp.

Sean Gallagher, the lawyer for some plaintiffs in Bartlit Beck’s filings, did not disclose any financial information.

He stated, “We are glad to report that we have reached an agreement with Allianz. This is good news for our clients.”

Complex options strategies were used by the Allianz funds to produce returns, but they plunged in value when the coronavirus pandemic ravaged stock markets in February 2020 and March 2020.

The funds were mainly U.S. pension funds. Investors sued Allianz to recover $6 billion.

Investors alleged that Allianz was not following its investment strategy, which is to hedge against potential losses.

The funds were also invested in by other pension funds, including those for teachers in Arkansas, workers on subways in New York and labourers in Alaska.

Allianz refused to comment.

($1 = 0.8920 euro)