03:03 PM EDT, 05/20/2024 (MT Newswires) -- BlackRock ( BLK ) is facing a lawsuit for $20 million for allegedly shutting down a search engine capable of monitoring client discussions regarding illegal investments, including in China, Reuters reported Monday, citing a complaint.

BlackRock's ( BLK ) former vice president Hamdan Azhar said in the complaint filed Saturday that the company fired him after asking to stop work on Trend Spotter in March 2022 and transferred his projects to Rightpoint.

The lawsuit was filed in a New York state court in Manhattan and seeks $10 million in compensatory damages and $10 million in punitive damages for violating the state's labor law, according to the report.

"The allegations in Azhar's complaint are completely meritless," a BlackRock ( BLK ) spokesperson told MT Newswires in an email. "The fact is that Azhar was let go from BlackRock ( BLK ) for poor performance and unprofessional conduct."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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