The California Community Foundation has withdrawn $119 million – more than 20 percent of its endowment – from a money management firm under fire for its treatment of Holocaust survivors, the Los Angeles Times reported on June 1.
Europe’s second-largest insurer, Allianz AG, recently bought PIMCO, the firm which held 20 percent of the foundation’s $540 million endowment.
Foundation president Jack Shakely said the group had no choice but to withdraw its money when Allianz refused to comply with a California law requiring the company to disclose documentation of its treatment of claims by Holocaust survivors, Bloomberg reports.
In April, Allianz units sued the state of California, challenging the 1999 law that required them to submit lists of unpaid Holocaust-era life insurance policies.
For full text, go to the Los Angeles Times.