BlackRock has agreed to pay $9.6 million to end an Employee Retirement Income Security Act class action accusing it of costing workers and retirees millions in unreasonable 401(k) plan fees and bad investment decisions, the investors said in a bid for preliminary approval of the deal.
The asset manager steered more money to stock funds last year than it intended for some individuals in a roughly $27 billion education-savings plan administered by the state of Nevada.