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Thursday, July 05, 2012

BlackRock Sued by Former PM

Reported by HFD

On Tuesday, Michael Lipsky, a former fund manager at BlackRock [profile], filed a suit against the company for not providing him with the investment results for the fund he managed, reports Reuters.

According to court documents filed in the New York State Supreme Court in Manhattan, Lipsky, who resigned from BlackRock in 2010, alleges that he asked for the record repeatedly, but BlackRock "deliberately refused to comply."

The complaint says that BlackRock denied him the records in order to "unlawfully prevent, restrict and restrain Lipsky from competing" with it. Lipsky says that he has lost money and business opportunities as a result of BlackRock's failure to provide him his performance record.  

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