Legal

According to the suit, BlackRock kept 40 percent of net revenues including administrative fees, which were not returned to the iShares funds.

Lawyers for hundreds of black financial advisers have reached a $160 million settlement in a lawsuit accusing Wall Street brokerage giant Merrill Lynch of racial discrimination, a plaintiffs' attorney said Wednesday.

Because the plan is significantly underfunded, the decision jeopardizes the retirement security of everyone in the plan.

Judge Robert Lanik ruled that the participants in the defined benefits plan who filed the suit have standing to collect equitable relief, but not to collect damages.

As many as one in 10 workers would find their savings limited by the cap, even at the current, albeit historically low, discount rate of 4 percent, the EBRI said.

Moodys Corp. won a dismissal of a lawsuit alleging the company made false statements about its objectivity.