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BlackRock controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

Back to profile5 entries

  1. 2024

    Advertisement featuring attempted-assassination suspect withdrawn

    BlackRock removed an older advertisement after reports noted that Thomas Matthew Crooks briefly appeared in the footage. The company said the advertisement had been filmed before the 2024 attempted assassination of Donald Trump.

    Source

  2. 2022

    Political and regulatory conflict over ESG stewardship

    BlackRock’s ESG positioning and shareholder-voting practices drew criticism from states and political groups that argued the firm used investment assets to advance climate or social objectives. Other critics argued the firm continued to finance or hold investments connected to fossil fuels, defense, China, and alleged human-rights violations.

    Source

  3. 2021

    BlackRock reaches settlement in 401(k) lawsuit

    Settlement

    BlackRock agreed to pay nearly $10 million to settle a class-action lawsuit concerning its 401(k) plan. Plaintiffs alleged self-dealing and breach of fiduciary duty; BlackRock said the settlement was not an admission of wrongdoing.

    Source excerpt

    • Plaintiffs sued BlackRock Institutional Trust Co. in 2017, alleging that the firm engaged in self-dealing and breached its fiduciary duty by including numerous in-house products on the plan menu.
    • Last month, BlackRock and the plaintiffs notified the court that they had reached a settlement, though no details about the total amount were disclosed publicly.
    • BlackRock is paying nearly $10 million to settle a long-running class-action lawsuit involving its own 401(k) plan, court documents filed this week show.
    Source

  4. 2020

    Blueprint Capital Advisors lawsuit against BlackRock and New Jersey investment officials

    Lawsuit filed

    Blueprint Capital Advisors filed a lawsuit alleging that New Jersey Division of Investment officials discriminated against the firm, retaliated against it, and shared confidential proposal information with BlackRock, which allegedly replicated its investment program. BlackRock and Cliffwater denied the allegations; the article does not report a court determination.

    Company response

    • Denial — BlackRock

      BlackRock also strongly denied the charges

    • Denial — Cliffwater

      Cliffwater also denied the allegations in a rebuttal.

    Source excerpt

    • Blueprint Capital Advisors, one of the few investment firms founded by an African American executive, charged in a lawsuit that DOI officials told its CEO, Jacob Walthour Jr., that the agency had “an aversion” to choosing a Black- or female-owned money management firm.
    • Cliffwater also denied the allegations in a rebuttal.
    • When Blueprint repeatedly complained, the state retaliated by barring it from obtaining more work managing other investments, according to the lawsuit, which was filed by employment law firm Wigdor on Tuesday.
    Source

  5. 2020

    Report alleges US financial firms funded Amazon-linked abuses

    Issue disclosure

    A report by Amazon Watch and the Association of Brazil's Indigenous Peoples alleged that six US financial firms invested more than US$18 billion over three years in companies involved in abuses in the Amazon, including environmental destruction and indigenous rights violations. The report named BlackRock, Citigroup, JPMorgan Chase, Vanguard, Bank of America and Dimensional Fund Advisors. BlackRock said it engages with companies on ESG risks and takes voting action when needed.

    Company response

    • Denial — BlackRock

      Financial firms investing in them also denied wrongdoing.

    • Clarification — BlackRock

      We engage with companies on these and other ESG (environmental, social and governance) risks, and where they are not being appropriately managed or progress is not sufficient, we (as shareholders) take voting action against management

    Source excerpt

    • Financial firms investing in them also denied wrongdoing.
    • We engage with companies on these and other ESG (environmental, social and governance) risks, and where they are not being appropriately managed or progress is not sufficient, we (as shareholders) take voting action against management
    • Major US financial firms are helping fund environmental destruction and indigenous rights abuses in the Amazon with billions of dollars in investments in questionable companies, according to a report published on Tuesday.
    Source