A federal judge in Trenton has denied the motion of three subsidiaries of BlackRock Inc. to dismiss a suit claiming that the company charges excessive investment advisory fees on two of its mutual funds.
Evidence presented by the shareholders who filed the suit, while “not overwhelming,” is sufficient to present a plausible claim that the fees charged by the BlackRock Global Allocation Fund and the BlackRock Equity Dividend Fund are disproportionately large, U.S. District Judge Freda Wolfson of the District of New Jersey said March 27 when she denied the motion by BlackRock Advisors, BlackRock Investment Management and BlackRock International Limited to dismiss the case.
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