BlackRock Can't Dodge ERISA Class Action Ahead Of Trial
Law360 (January 12, 2021, 11:05 PM EST) -- BlackRock must face an Employee Retirement Income Security Act class action accusing it of costing workers and retirees millions in unreasonable 401(k) plan fees and bad investment decisions, after a California federal judge on Tuesday shot down the company's bid to win the suit ahead of a scheduled March 1 trial.
U.S. District Judge Haywood S. Gilliam Jr. rejected BlackRock Institutional Trust Co.'s motion for summary judgment, which argued that certain of the investment giant's actions satisfied exemptions under the law.
"But these exemptions require that the court analyze the reasonableness of the compensation received by defendants," the judge said. "Analysis...
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