BlackRock 401(k) $9.65M Class Action Settlement

BLACKROCK SETTLEMENT UPDATE:

• The Court granted final approval to this class action settlement Nov. 3, 2021.
• Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

BlackRock Institutional Trust Co. has agreed to a $9.65 million class action settlement benefiting participants and beneficiaries of the BlackRock retirement plan.

The Class includes anyone who was a participant or beneficiary in the BlackRock Retirement Savings Plan between April 5, 2011, and July 12, 2021.

A class action lawsuit had alleged BlackRock and other defendants violated the federal Employee Retirement Income Security Act (ERISA) because the company gave preferential treatment to BlackRock proprietary products and service providers for plan assets and used plan assets for their own benefit rather than based on loyalty to plan participants.

BlackRock, an investment company, has more than 7,500 employees throughout the United States.

After attorneys’ fees and other expenses are deducted from the settlement fund, the remainder will be paid to Class Members.

The amount of each Class Member’s payment in the BlackRock settlement has yet to be determined, but each person’s proportionate share will be calculated based on their total investment in the BlackRock 401(k) plan during the Class Period.

Class Members will be responsible for any tax consequences related to the settlement payouts.

Class Members do not have the right to opt out of the BlackRock settlement. However, those who wish to object may do so no later than Sept. 21, 30 days before the final fairness hearing to be held Oct. 21, 2021.

No claim form is required for participation in the BlackRock settlement.

Who’s Eligible

Anyone who was a participant or beneficiary in the BlackRock Retirement Savings Plan between April 5, 2011, and July 12, 2021.

Potential Award

Varies

Proof of Purchase

No proof of purchase required

Claim Form

No claim form required

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Objection Deadline

09/21/21

Case Name

Baird v. BlackRock Institutional Trust Co, Case No. 17-cv-01892 in the U.S. District Court for the Northern District of California 

Final Hearing

10/21/21

Settlement Website

BR401kSettlement.com

Claims Administrator

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

Class Counsel

Michelle Yau, Esq.
Mary Bortscheller, Esq.
Dan Sutter, Esq.
Ciara O’Neill, Paralegal
COHEN MILSTEIN SELLERS & TOLL PLLC

Nina Wasow, Esq.
Todd Jackson, Esq.
FEINBERG, JACKSON, WORTHMAN & WASOW LLP

Defense Counsel

Brian D. Boyle
Meaghan VerGow
O’MELVENY & MYERS LLP