Eleven Republican attorneys general sued BlackRock on Wednesday, alleging it had engaged in a conspiracy with other massive asset managers to constrict the market for coal.
Led by Texas, the attorneys general filed a suit on Wednesday in U.S. District Court for the Eastern District of Texas alleging that BlackRock, Vanguard, and State Street have worked together to push climate policies in order to artificially restrict the supply of coal. The states say that the financial giants, which control around $26 trillion, have violated federal and state antitrust laws.
“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices,” said Texas Attorney General Ken Paxton….
