PRESS RELEASE
24 January 2025

Bass, Berry & Sims Represents BlackRock In ESG-Related Consumer Protection Lawsuit

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Bass, Berry & Sims

Contributor

Bass, Berry & Sims is a national law firm with nearly 350 attorneys dedicated to delivering exceptional service to numerous publicly traded companies and Fortune 500 businesses in significant litigation and investigations, complex business transactions, and international regulatory matters. For more than 100 years, our people have served as true partners to clients, working seamlessly across substantive practice disciplines, industries and geographies to deliver highly-effective legal advice and innovative, business-focused solutions. For more information, visit www.bassberry.com.
Bass, Berry & Sims served as counsel to BlackRock, the world’s largest asset manager, in resolving a first-of-its-kind lawsuit filed by the State of Tennessee alleging that the company’s...
United States

Bass, Berry & Sims served as counsel to BlackRock, the world's largest asset manager, in resolving a first-of-its-kind lawsuit filed by the State of Tennessee alleging that the company's environmental, social, and governance (ESG) investment policies for certain fund products violated the Tennessee Consumer Protection Act.

According to the lawsuit, BlackRock issued conflicting statements about its ESG commitments to appeal to differing investor priorities. BlackRock vigorously denied all allegations. Following a year of detailed negotiations, Tennessee Attorney General Jonathan Skrmetti dismissed the case after BlackRock agreed both to provide investors with additional disclosures about its proxy voting practices and to continue prioritizing financial returns for funds that do not have ESG-specific objectives.

The agreement, which dismissed the lawsuit with prejudice, acknowledged both no evidence of consumer harm and that BlackRock acted in compliance with well-established fiduciary standards at all times.

Led by Margaret Dodson, Britt Latham and Brant Phillips, the case is State of Tennessee v. BlackRock Inc., Case No. 23-cv-618, in the Circuit Court of Williamson County, Tennessee. Law360 published an article examining the case on January 17, 2025, "Tennessee, BlackRock Settle Suit Over ESG Goals." Click here to read the full article. The case also received coverage from the Financial Times, Reuters, Washington Times and others.

Contributor

Bass, Berry & Sims is a national law firm with nearly 350 attorneys dedicated to delivering exceptional service to numerous publicly traded companies and Fortune 500 businesses in significant litigation and investigations, complex business transactions, and international regulatory matters. For more than 100 years, our people have served as true partners to clients, working seamlessly across substantive practice disciplines, industries and geographies to deliver highly-effective legal advice and innovative, business-focused solutions. For more information, visit www.bassberry.com.
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