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

A coalition of states alleges major asset managers colluded to reduce coal supply and drive up electricity prices through ESG initiatives.

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GOP states sue ESG 'cartel': BlackRock, Vanguard, State Street accused of manipulating energy market

The Blaze

11 states sue biggest money managers, a frequent target of conservatives over ESG investing, for alleged coal collusion

Axios

11 State Attorneys General, Led by Ken Paxton, Take on BlackRock, Vanguard, and State Street in Groundbreaking Anti-Trust Lawsuit Over Coal Market Manipulation | | by Jim Hᴏft

The Gateway Pundit

BlackRock, State Street, Vanguard sued by GOP states over ESG goals

New York Post

Overview

A summary of the key points of this story verified across multiple sources.

A coalition of 11 Republican-led states, led by Texas, has filed a lawsuit against BlackRock, Vanguard, and State Street, claiming they violated antitrust laws by colluding to reduce coal production and increasing electricity prices through their advocacy for environmental, social, and governance (ESG) criteria. The states allege that the asset managers pressured coal companies to limit carbon emissions, constraining supply and leading to higher consumer costs. The lawsuit highlights ongoing tensions between environmental goals and market competition, with the plaintiffs seeking civil fines and restrictions on the defendants’ investment practices.

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