BlackRock 401(k) Investment Challenge Gets Partial Class Status

BlackRock Institutional Trust Co. will face a certified class of more than 10,000 participants in its 401(k) plan who challenge the company’s collective trust investments, but it won’t face a nationwide class of investors in other retirement plans, the Northern District of California ruled.

The retirement investors, who say BlackRock took unreasonable profits from the collective investment trust funds it offers to retirement plans, won partial class status in an order by Judge Haywood S. Gilliam Jr. that was unsealed Tuesday. Gilliam certified a class of participants in BlackRock’s own 401(k) plan, but he declined to certify a class of ...