The holder of a company-owned life insurance policy is going to court to try to shift assets from a fund that faces significant exposure to investments with high-risk ratings.

Israel Discount Bank of New York, New York, a state-chartered bank that is a unit of Israel Discount Bank Ltd., Tel Aviv, Israel, has filed a suit in a state court in New York that names Metropolitan Life Insurance Company, a unit of MetLife Inc., New York, and BlackRock Inc., New York, as defendants.

IDB says it has lost about $2 million on assets invested in a COLI investment fund managed by BlackRock that has put money in assets with “sub-prime” credit ratings.

MetLife has refused to respond to IDB’s demand that it move the assets in the BlackRock account somewhere else, IDB says in the complaint.

MetLife says liquidity issues affecting other investors have tied its hands, IDB alleges.

Representatives for BlackRock were not immediately available for comment.

MetLife does “not comment on pending litigation,” a spokesman says.