Former BlackRock fund manager settles lawsuit over contract

Ex- BlackRock (BLK) fund manager Michael Lipsky settled a lawsuit in which he accused his former employer of wrongfully withholding information on investment results of funds he managed.

Mr. Lipsky sued the company in New York State Supreme Court in July, accusing it of refusing to provide him with accurate information about the investment results for funds he managed during his employment. The two sides agreed to dismiss the lawsuit, according to a document filed Wednesday, and the dispute has been settled, Mr. Lipsky’s lawyer, Joseph A. Piesco, said Thursday in a telephone interview. He declined to disclose terms, saying the accord is confidential.

Brian Beades, a spokesman for BlackRock, declined to comment on the settlement in an e-mail.

Mr. Lipsky resigned in December 2010 as portfolio manager and head of distressed investing in BlackRock’s leveraged finance investment team.