Defendant Name: BlackRock, Inc.

Defendant Type: Public Company
SIC Code: 6282
CUSIP: 09247X10

Initial Case Details

Legal Case Name In the Matter of BlackRock, Inc.
First Document Date 17-Jan-2017
Initial Filing Format Administrative Action
File Number 3-17786
Allegation Type Other

Violations Alleged

Other
• Rule 21F-17 Exchange Act

Resolutions

First Resolution Date 17-Jan-2017

Related Documents:

2017-14 17-Jan-2017 Press Release--Administrative Proceeding
BlackRock Charged with Removing Whistleblower Incentives in Separation Agreements
On January 17, 2017 the SEC announced in a press release that BlackRock has agreed to pay a monetary penalty to settle charges that "it improperly used separation agreements in which exiting employees were forced to waive their ability to obtain whistleblower awards." According to the SEC: "more than 1,000 departing BlackRock employees signed separation agreements containing violative language stating that they “waive any right to recovery of incentives for reporting of misconduct” in order to receive their monetary separation payments from the firm."
34-79804 17-Jan-2017 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On January 17, 2017 the SEC instituted a settled order against BlackRock, Inc. for violating whisteblower provisions. According to the SEC: "On October 14, 2011 – after the Commission adopted Rule 21F-17 – BlackRock revised its form separation agreement to include language requiring a departing employee to waive recovery of incentives for reporting misconduct available under, among other things, the Dodd-Frank Act in exchange for receiving monetary separation payments and other voluntarily provided consideration from BlackRock."