New York State Attorney General Eric Schneiderman says asset manager BlackRock has agreed to put a stop to a program that surveyed stock analysts.
Schneiderman said Thursday the agreement stemmed from an investigation into Wall Street practices by his office. The office investigated how analyst information can be released in ways that confer unfair advantages to some investors.
Schneiderman said BlackRock’s surveys asked analysts about companies they followed. He said BlackRock made investment decisions using that information along with publicly issued analyst opinions available to all investors.
BlackRock agreed to pay $400,000 to cover the costs of the investigation and did not acknowledge any wrongdoing. The company did not immediately return a call seeking comment.
BlackRock shares on the NYSE closed at $316.08 Thursday, down 78 cents; its 52-week high was $323.