A court has rebuffed two pension plans suing BlackRock for what they claimed was "grossly excessive" compensation taken by the investment giant through short-selling involving its iShares ETFs.
U.S. District Judge Aleta Trauger ruled in Nashville that the suit – filed in January by Laborers Local 265 Pension Fund, based in Cincinnati, and Plumbers and Pipefitters Local No. 572 Pension Fund of Nashville – had no standing under the Investment Company Act of 1940.
"Without congressional intent expressed in a statute, a cause of action does not exist and the courts may not create one," Trauger ruled.
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