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BlackRock Retirement Plan ERISA Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

BlackRock, Inc. and related parties are settling a class action alleging they violated the Employee Retirement Income Savings Act (ERISA) by choosing certain BlackRock-managed funds as investment options in its Retirement Savings Plan, a 401(k) employee retirement plan. The complaint alleged that these choices caused the plan to skip superior investment choices, pay BlackRock and others too much compensation, and take on unnecessary risk.

Docket Number:

17-cv-01892

Company: BlackRock, Inc.

Filing Deadline: January 1, 2100

Class Period: April 5, 2011 to July 12, 2021

Final Approval Hearing: October 21, 2021

Proof of Purchase:

You do not need to submit a claim form or provide proof.

Eligibility:

You may be eligible if you were a participant in the BlackRock Retirement Savings Plan between April 5, 2011 and July 12, 2021.

Typical Settlement Amount:

The net settlement amount will be distributed according to a Plan of Allocation. Class members who still have a positive account balance will receive their shares paid directly into their accounts. Those who no longer have a positive account balance will receive their shares in the form of a check, minus applicable tax payments. They may be able to roll the amount over into a qualified retirement account within sixty days.

Total Settlement Amount: $9.65 million

Class Representative Proposed Incentive Fee:

$15,000

Law Firms:
Cohen Milstein Sellers & Toll
Feinberg, Jackson, Worthman & Wasow, LLP

Case Name: Baird v. BlackRock Institutional Trust Co.

Settlement Website: BlackRock Retirement Plan ERISA Settlement Website

Claims Administrator:
Cohen Milstein Sellers & Toll, PLLC

Claims Administrator Contact Information:

Cohen Milstein Sellers & Toll, PLLC
1100 New York Avenue, N.W., Suite 500
Washington, D.C. 20005
202-848-1291

Tags: Breach of Fiduciary Duty, ERISA Violations, Retirement Plans