FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo
(Reuters) – A U.S. federal court on Friday dismissed a lawsuit against BlackRock Inc that had accused the world’s largest fund manager of charging too much in investment advisory fees, according to a preliminary order.
Investors in the BlackRock Global Allocation Fund and the BlackRock Equity Dividend Fund had filed suit in 2014 alleging the fund manager charged fees substantially in excess of those charged by other similar funds.
Judge Freda Wolfson of U.S. District Court in Trenton, New Jersey, ordered that the full ruling be sealed for 30 days until the parties could make a submission to redact portions of the order. In the preliminary ruling the judge “ordered that Plaintiffs’ claims are dismissed in their entirety.”
BlackRock declined to comment.
Reporting by Nivedita Balu in Bengaluru; Editing by Leslie Adler