4 sources·Business

Texas and 10 States Sue BlackRock, Vanguard, and State Street Over Antitrust Violations

A coalition of states alleges major asset managers colluded to reduce coal supply and drive up electricity prices through ESG initiatives.

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Updated: Nov 27th, 2024, 4:41 PM ET

Summary

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A coalition of 11 Republican-led states, led by Texas, has filed a lawsuit against BlackRock, Vanguard, and State Street, claiming they violated antitrust laws by colluding to reduce coal production and increasing electricity prices through their advocacy for environmental, social, and governance (ESG) criteria. The states allege that the asset managers pressured coal companies to limit carbon emissions, constraining supply and leading to higher consumer costs. The lawsuit highlights ongoing tensions between environmental goals and market competition, with the plaintiffs seeking civil fines and restrictions on the defendants’ investment practices.

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