The law firm Paul, Weiss will handle the investigation, the network said on Saturday. It added that a rotation of substitute hosts would fill in for Mr. Bolling on “The Fox News Specialists,” where he is currently a co-host.
Another Fox News host, Bill O’Reilly, was forced to leave the network in April after The New York Times reported on a series of sexual harassment allegations against him. Roger Ailes was ousted as the network’s chairman and chief executive last July after allegations that he had sexually harassed female co-workers. He died in May.
Mr. Bolling joined Fox Business Network in 2008 and has served as host or co-host on a number of Fox shows, including “The Five,” “Follow the Money” and “Happy Hour.”
In June, Suzanne Scott, the president of programming for Fox News Channel, announced that Mr. Bolling had re-signed a long-term contract with the network. “Eric has cultivated a strong fan base and has become a staple to the FOX News brand,” Ms. Scott said at the time. “His insight is valued and we are pleased to have him at the network for many more years to come.”
In 2014, Mr. Bolling was criticized for a comment he made about a female pilot for the United Arab Emirates, Mariam Al Mansouri, who had led an airstrike against the Islamic State.
“Would that be considered boobs on the ground, or no?” Mr. Bolling said. He apologized for the comment on air the next day.