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