BlackRock Board Fights $100M ERISA Mismanagement Suit

Law360, Oakland, Calif. (March 14, 2019, 10:25 PM EDT) -- The BlackRock Retirement Savings Plan board urged a California federal judge Thursday to toss most of a putative class action accusing it of violating the Employee Retirement Income Security Act and costing participants over $100 million, arguing the board operated within the terms of its contracts.

Brian David Boyle of O'Melveny & Myers LLP urged U.S. District Judge Haywood Gilliam to throw out proposed class claims accusing his clients of breaching their fiduciary duties by mismanaging the investments. He argued any fees BlackRock charged were dictated by the market, and the plaintiffs' claims do not square with the actual terms of...

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California Northern

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Labor: E.R.I.S.A.

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Date Filed

April 5, 2017

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