U.S. pension funds sue BlackRock

Two U.S. pension funds are taking legal action against BlackRock, “alleging that the world’s biggest asset manager had ‘looted’ securities-lending revenues from iShares exchange-traded funds investors, and breached its fiduciary duties,” a Reuters report says.

“In the suit, the Laborers’ Local 265 Pension Fund of Cincinnati and the Plumbers and Pipefitters Local No. 572 Pension Fund of Nashville allege that several iShares ETFs spent funds on ‘grossly excessive compensation’ to agents affiliated with the ETFs, as well as on other agents, and they want to recover the funds for investors,” the report adds.

Read more here.

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