July 27, 2015 / 9:05 AM / 4 years ago

BlackRock says Italy's regulator dismisses charges over Saipem share sale

MILAN, July 27 (Reuters) - Italian market regulator Consob has dismissed all charges against fund group BlackRock and one of its managers over the alleged use of insider information to sell shares in Saipem in 2013, BlackRock said on Monday.

Consob opened a probe into BlackRock in 2013, claiming that its portfolio manager Nigel Bolton had used non-public information when he sold more than 2 percent of Saipem’s stock in January of that year, just before the Italian oil services firm issued a profit warning. Consob also probed whether the U.S. investment company had obstructed its investigations.

“BlackRock welcomes the decision by the Italian regulator Consob to dismiss all charges against Nigel Bolton and the firm,” BlackRock said in a statement.

Consob was not immediately available for comment. (Reporting by Stephen Jewkes, editing by Agnieszka Flak)

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