Official statements and strategic announcements from the companies

Texas and 10 States Sue BlackRock, Vanguard for Alleged Antitrust Violations Raising Energy Prices

Nov 27, 2024, 03:19 PM

Texas Attorney General Ken Paxton, leading a coalition of 11 Republican-led states, has filed a federal antitrust lawsuit against BlackRock, Vanguard, and State Street. The lawsuit alleges that these firms illegally conspired to manipulate energy markets by pressuring coal producers, such as Peabody Energy, to reduce output, thereby driving up electricity prices for consumers. The states accuse the companies of violating antitrust laws by leveraging their combined market power and engaging in collusive behaviors to pursue environmental, social, and governance (ESG) initiatives that constrict coal supply and increase energy costs. This marks the highest-profile legal challenge yet against the ESG practices of major financial institutions.