Three firms affiliated with Pimco, the US fund manager, have agreed to pay $50m (€40.1m) to settle charges that they defrauded investors through improper trading.

The Pimco entities, PA Fund Management, PEA Capital and PA Distributors, are units of German insurer Allianz, which also owns Pimco. Under the terms of the settlement with the Securities and Exchange Commission, agreed to pay $40m in penalties and $10m in restitution. The three neither admitted nor denied the allegations.