On July 12, 2021, Judge Gilliam of the U.S. District Court for the Northern District of California granted preliminary approval (order can be found here) of a $9.65 million class action settlement in Baird v. BlackRock, et al.
Plaintiffs claimed that BlackRock breached its fiduciary duties and engaged in prohibited transactions by investing nearly all of its own workers’ retirement savings in proprietary funds that underperformed their benchmarks and enriched BlackRock at the participants’ expense. The final approval hearing will take place on October 21, 2021. Please visit www.BR401kSettlement.com or contact Todd Jackson or Nina Wasow for more information.