A federal class action lawsuit concerning BlackRock’s 401(k) Plan and BlackRock’s proprietary collective trust investment funds has been filed in the Northern District of California. The complaint seeks relief on behalf of two classes, and alleges that Defendants illegally profit off retirement plan participants’ investments in the BlackRock Plan and BlackRock proprietary funds in violation of the Employee Retirement Income Securities Act (“ERISA”). BlackRock profits by selecting itself and its affiliates to provide services to the BlackRock Plan and to its proprietary funds, and charges participants excessive and undisclosed fees. As a result of this corporate self-dealing, retirement plan participants in the two proposed classes paid BlackRock excessive and undisclosed securities lending fees for investments in overly risky securities. This suit seeks to recover hundreds of millions of dollars in losses sustained by participants through excessive fees and underperformance.
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The attorneys on this case are Karen Handorf (admitted to practice in Wisconsin and the District of Columbia), Michelle Yau (admitted in Massachusetts and the District of Columbia), Mary Bortscheller (admitted in Illinois, Minnesota and the District of Columbia), and Daniel Sutter (admitted in Maryland and the District of Columbia).
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For more information about the case, click here.