Indiana’s state securities regulator issued a cease and desist order against BlackRock Thursday, accusing the investment giant of fraudulent actions related to its ESG products and offerings. The company denies the allegations.
According to the Indiana Securities Division, BlackRock has repeatedly made false and misleading statements to Indiana investors with regards to the company’s ESG products. Indiana accuses BlackRock of pushing ESG factors on portfolio companies and informing clients they would see better long-term returns on their investments through ESG-backed funds. Though, according to the order, there was little to no evidence to substantiate the claim.
“Investment companies that engage in fraudulent activities not only betray the trust of their clients but undermine the integrity of our financial markets. My office is committed to rigorously enforcing the law and strengthening our regulatory frameworks to ensure Hoosier investors are protected and that those who exploit the system are held accountable,” Diego Morales, Indiana Secretary of State, said in a statement.
BlackRock, which has $10.5 trillion in assets under management, told Just the News that the allegations are baseless.
“Yesterday’s action by Mr. Morales is a politically motivated attack that completely mischaracterizes BlackRock’s approach to investing. We are only focused on helping hundreds of thousands of Hoosier clients achieve their investment goals. We intend to defend ourselves and our clients against this arbitrary use of state power,” BlackRock said. Both BlackRock and Morales refer to Indiana’s citizens as “Hoosiers.” […]
— Read More: justthenews.com
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