Texas-Led Coalition of 11 States Sues BlackRock, Vanguard, and State Street for Antitrust Violations in Coal Market

Nov 27, 2024, 02:34 PM

Eleven state attorneys general, led by Texas Attorney General Ken Paxton, have filed an antitrust lawsuit against BlackRock Inc., Vanguard Group Inc., and State Street Corp. The lawsuit alleges that the asset management firms conspired to artificially constrict the coal market through anticompetitive trade practices, pressuring coal producers to cut output and driving up electricity costs for consumers. This marks the highest-profile lawsuit yet against the beleaguered environmental, social, and governance (ESG) industry, claiming that the firms used their combined market power to manipulate energy markets at the expense of consumers and the energy sector.