A Texas federal court has refused to dismiss a lawsuit accusing top asset management firms like BlackRock, Vanguard, and State Street of manipulating the coal industry. Judge Jeremy Kernodle ruled that the claims of anti-competitive behavior merit further examination due to evidence suggesting collusion to pressure coal companies. The lawsuit, initiated by Attorney General Paxton in 2024, alleges that the firms used their influence to cut coal production by 50% by 2030, impacting electricity costs and increasing profits. The Trump administration joined the legal action in May 2025, highlighting the significance of the case.

Read more at Yahoo Finance.: Texas judge advances suit against BlackRock, State Street, Vanguard