Tennessee Attorney General Jonathan Skrmetti on Friday settled with BlackRock (BLK), resolving claims that the investment firm misled consumers about how it uses environmental, social and governance factors in its investments.

"While investors are always free to buy cause-oriented products instead of focusing on maximum return, this settlement ensures that only investors who make a knowing choice will see their assets directed toward these non-financial goals," Skrmetti said in a statement.

The settlement ends a lawsuit filed by Tennessee under the Tennessee Consumer Protection Act.

BlackRock didn't immediately reply to MT Newswires' request for comment.

Shares of the company were up 1.4% in recent trading.

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