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U.S. SEC accuses BlackRock of failing to properly disclose investment information, BlackRock agrees to pay fine

The US Securities and Exchange Commission (SEC) has accused BlackRock of failing to accurately describe and disclose its investment in entertainment company Aviron Group. Multiple departments within BlackRock's income trust funds (BIT) made significant investments in Aviron Group through lending institutions. BlackRock incorrectly described Aviron as a "diversified financial services" company, and this investment accounted for a large portion of its publicly traded funds. To settle the charges, BlackRock agreed to pay a $2.5 million fine.

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