BlackRock Advisors LLC agreed to pay a $12 million penalty to settle SEC charges it breached its fiduciary duty by failing to disclose a conflict of interest created by the outside business activity of a top-performing portfolio manager. According to the SEC, Daniel J. Rice III was managing energy-focused funds at BlackRock when he founded Rice Energy, which later formed a joint venture with a publicly-traded coal company that eventually became the largest holding in the $1.7 billion BlackRock Energy & Resources Portfolio, the largest Rice-managed fund. Whistleblower Insider
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