BlackRock and State Street Subpoenaed in House ESG Probe

The subpoenas are part of an investigation into whether the companies' ESG efforts violate antitrust laws, with both firms pledging full cooperation.

BlackRock and State Street have been subpoenaed by the U.S. House of Representatives Judiciary Committee as part of an investigation into whether their environmental, social and governance (ESG) efforts violate antitrust laws.
The committee had previously requested documents from both companies in July, but found their responses inadequate, leading to the issuance of the subpoenas.
Both BlackRock and State Street have stated that they have cooperated fully with the committee and will continue to do so, expressing confidence that they have not violated any antitrust laws.
The subpoenas are seeking information about the companies' commitments and targets that were developed by outside activist groups, including Climate Action 100+ and the Net Zero Asset Managers.
The committee had earlier also sent a subpoena to asset manager Vanguard, and is in the final stages of issuing subpoenas to Glass Lewis and Institutional Investor Services.