Republican states are suing BlackRock, State Street, and Vanguard over alleged antitrust violations related to climate activism

From Investing.com: 2024-11-27 12:11:01

Texas and 10 Republican-led states sue BlackRock, State Street, and Vanguard for violating antitrust law through climate activism, resulting in reduced coal production and higher energy prices. Complaint filed in federal court in Texas targets efforts to promote ESG goals. Defendants accused of pressuring coal companies to reduce output and deceiving investors about non-ESG funds.

Republicans explore using antitrust laws to target alleged collusion among large fund managers for climate goals. BlackRock, State Street, and Vanguard did not immediately respond to requests for comment. Defendants accused of exploiting shareholder status to advance climate goals. BlackRock accused of using all holdings to advance climate goals, deceiving investors about non-ESG funds.

Defendants challenged over their membership in Net Zero Asset Managers Initiative, which Vanguard has left. BlackRock and State Street have withdrawn from Climate Action 100+. Lawsuit claims American consumers entitled to free markets and competition, not dictates of asset managers. Competitive markets should determine electricity prices, not asset managers.



Read more at Investing.com: BlackRock, Vanguard, State Street sued by Republican states over climate push By Reuters