Tennessee Sues BlackRock Over Alleged Misleading ESG Strategy
The lawsuit alleges that the asset manager made inconsistent statements about its investment strategies, potentially violating consumer protection laws.
- Tennessee Attorney General Jonathan Skrmetti has filed a lawsuit against BlackRock, the world's largest asset manager, alleging it violated consumer protection laws by making misleading claims about its environmental, social, and governance (ESG) strategy.
- The lawsuit alleges that BlackRock made inconsistent statements about its investment strategies, depriving consumers of the ability to make an informed choice.
- BlackRock is accused of making false or misleading representations about the extent to which ESG considerations affect its investment strategies and their impact on financial returns.
- The lawsuit seeks injunctive relief, civil penalties, and recoupment of the State's costs.
- BlackRock has rejected the Attorney General's claims and stated it will vigorously contest any accusations that it violated Tennessee's consumer protection laws.
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