Eleven state AGs sue BlackRock, State Street, Vanguard for alleged antitrust violations

Texas Attorney General Ken Paxton is leading 10 other GOP state attorneys general in a lawsuit against BlackRock, State Street Corporation and Vanguard Group, three of the world’s largest asset managers, for alleged antitrust violations.

The companies allegedly conspired to engage in anticompetitive trade practices to artificially restrict the coal market, according to Paxton’s office. They acquired significant shares in all major public coal producers in the US, which gave them the power to control the policies of coal companies. Asset managers have pushed for coal production to be cut by more than half by 2030.

The ten other states that joined the lawsuit were Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia and Wyoming.

“Texas will not tolerate the illegal weaponization of the financial industry in the service of a destructive, politicized “environmental” agenda. “BlackRock, Vanguard and State Street have formed a cartel to manipulate the coal market, artificially restrict energy supplies and raise prices,” Paxton said in a statement Wednesday. “Their conspiracy harmed American energy production and harmed consumers. This is a stunning violation of state and federal law.”