(Reuters) – Tennessee Attorney General Jonathan Skrmetti announced a settlement with BlackRock on Friday, resolving allegations that the asset manager misled customers regarding the role of ESG factors in its investment practices.
The settlement ends a lawsuit that the state had filed against BlackRock in December 2023.
Terms of the settlement were not disclosed.
“While investors are always free to buy cause-oriented products instead of focusing on maximum return, this settlement ensures that only investors who make a knowing choice will see their assets directed toward these non-financial goals,” Skrmetti said in a statement.
BlackRock did not immediately respond to a request for comment.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)
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