Blackrock Sued by Former Fund Manager for Contract Breach

Former BlackRock Inc. (BLK) fund manager Michael Lipsky sued his former employer, the world’s largest asset manager, claiming it wrongfully withheld information he was promised under his employment contract.

Lipsky, who resigned from the New York-based company in December 2010, accused BlackRock of refusing to provide him “full, complete and accurate information” about the investment results for funds he managed during his employment. The suit was filed today in New York State Supreme Court in Manhattan.

“In fact, instead of acting in good faith, BlackRock ’dumped’ on Lipsky irrelevant and indecipherable data it knew was worthless and could not possibly be used to validate to investors Lipsky’s strong history of success with respect to the funds he managed,” according to the complaint.

Brian Beades, a spokesman for BlackRock, didn’t immediately reply to a message left seeking comment on the lawsuit.

The case is Michael Lipsky v. Blackrock Inc., 652329/2012, New York State Supreme Court (Manhattan).

To contact the reporter on this story: Chris Dolmetsch in New York at cdolmetsch@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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