(Reuters) – Tennessee Legal professional Normal Jonathan Skrmetti introduced a settlement with BlackRock (NYSE:) on Friday, resolving allegations that the asset supervisor misled clients relating to the function of ESG elements in its funding practices.
The settlement ends a lawsuit that the state had filed in opposition to BlackRock in December 2023.
Phrases of the settlement weren’t disclosed.
“Whereas traders are all the time free to purchase cause-oriented merchandise as an alternative of specializing in most return, this settlement ensures that solely traders who make a realizing selection will see their belongings directed towards these non-financial targets,” Skrmetti mentioned in a press release.
BlackRock didn’t instantly reply to a request for remark.
