Texas, 10 States Sue BlackRock, Vanguard, State Street for ESG-Driven Energy Manipulation Raising Electricity Prices

Nov 27, 2024, 02:18 PM

Texas Attorney General Ken Paxton, leading a coalition of 11 state attorneys general, has filed an antitrust lawsuit against BlackRock Inc., Vanguard Group Inc., and State Street Corp., known as the big three asset managers. The lawsuit alleges that the firms illegally conspired to manipulate energy markets and artificially restrict the coal market through anti-competitive practices, resulting in higher electricity prices for consumers. By leveraging their combined market clout to pressure coal producers to cut output, the firms are accused of boosting electricity prices through their ESG-focused investments. This marks the highest-profile lawsuit yet against the ESG industry, as the states claim the illegal weaponization of the financial industry is driving up costs for consumers.