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BlackRock Settles In-House 401(k) Class Action Before Trial (1)

Feb. 9, 2021, 6:44 PMUpdated: Feb. 10, 2021, 12:32 PM

BlackRock Institutional Trust Co. will settle a class action claiming it siphoned improper fees from its employees’ 401(k) plan, a federal judge in the Northern District of California said Tuesday in an electronic docket entry.

BlackRock and a class of more than 10,000 investors covered by the company’s $1.8 billion 401(k) plan reached a settlement in principle during a Feb. 5 Zoom teleconference, they told Judge Haywood S. Gilliam Jr. of the U.S. District Court for the Northern District of California. The deal comes one month after Gilliam ruled the 401(k) investors could go to trial on their claims under ...