Texas and 10 GOP-Led States Sue BlackRock, Vanguard, and State Street Over Antitrust Violations

The lawsuit accuses the asset managers of conspiring to limit coal production, raising energy prices and violating federal and state laws.

Eleven Republican-led states, led by Texas, filed a federal lawsuit against BlackRock, Vanguard, and State Street, alleging antitrust violations and market manipulation.
The lawsuit claims the firms used their influence to pressure coal companies to reduce production, artificially raising energy prices for consumers.
The states argue that the companies formed a 'cartel' to advance environmental, social, and governance (ESG) policies at the expense of competition and market fairness.
BlackRock has denied the allegations, calling the claims baseless and asserting that their investments are focused on delivering financial returns for clients.
The lawsuit marks a significant escalation in Republican-led states' scrutiny of ESG practices, with broader implications for the financial industry and energy markets.