BlackRock Can't Dodge Most Of $100M ERISA Suit

Law360 (September 3, 2019, 7:56 PM EDT) -- A California judge on Tuesday refused to toss a proposed Employee Retirement Income Security Act class action claiming BlackRock Inc. improperly filled its workers' retirement plan with poorly performing company-affiliated funds and cost plan participants more than $100 million, but agreed to slightly narrow the scope of the case.

U.S. District Judge Haywood S. Gilliam Jr. mostly denied the investment firm's bid to dismiss a suit from two former workers accusing the company of favoring its own proprietary funds in its workers' 401(k) plan, even though it allegedly led to poor returns.

The judge said that although the defendants might be...

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