Lawyers predict little impact from BlackRock settlement and SEC Uyeda appointment
Lawyers believe that the recent settlement between BlackRock and the Tennessee attorney general is unlikely to result in further lawsuits or significant repercussions. The agreement, which involved allegations of misleading sustainability claims, is not expected to have a widespread impact on the asset management industry, according to legal experts.
The settlement between BlackRock and the Tennessee attorney general has raised questions about the potential legal implications for other asset managers making similar ESG claims. However, lawyers familiar with the case do not anticipate a wave of lawsuits targeting asset managers for misleading sustainability claims.
Despite the high-profile nature of the BlackRock settlement, legal experts believe that the case is unique and may not set a precedent for other asset managers. The agreement, which focused on specific allegations against BlackRock, may not have broader implications for the asset management industry as a whole.
Legal experts point out that the settlement with the Tennessee attorney general was based on specific facts and circumstances related to BlackRock’s ESG claims. Therefore, it may not be directly applicable to other asset managers facing similar allegations. The case against BlackRock was specific to the company and may not necessarily reflect the practices of other firms.
Legal experts also note that the appointment of Genna Uyeda as director of the SEC’s Division of Examinations may have a more significant impact on the asset management industry than the BlackRock settlement. Uyeda’s role in overseeing examinations of investment advisers and funds could lead to increased scrutiny of ESG claims and practices across the industry.
While the BlackRock settlement has attracted attention due to the size and prominence of the firm, legal experts do not expect it to have a lasting impact on the asset management industry. The case was specific to BlackRock’s alleged misconduct and may not result in widespread changes or legal challenges for other asset managers.
Overall, lawyers believe that the fallout from the BlackRock settlement will be limited, with minimal impact on the asset management industry as a whole. The agreement with the Tennessee attorney general is unlikely to spark a wave of lawsuits targeting asset managers for misleading sustainability claims, and the appointment of Genna Uyeda at the SEC may have a more significant influence on ESG practices in the industry.
