NEW YORK, (Reuters) – Germany’s Allianz has paid $6 billion to the SE and a U.S. Asset Management unit will be convicted of fraud following the collapse of multibillion-dollar investment funds in market turmoil triggered from 2020’s coronavirus pandemic.

U.S. Department of Justice announced that Gregoire Tournant was being charged with conspiracy, securities fraud and obstruction of justice.

According to a plea agreement, Allianz received a $2.33 Billion fine and $3.24 Billion of restitution. In addition, Allianz forfeited $463 Million.