Tennessee Attorney General Jonathan Skrmetti filed a lawsuit on Monday against BlackRock, the world’s largest asset manager, alleging that the firm violated consumer protection laws by misleading consumers about its attempt to pursue leftwing social and environmental goals.
The lawsuit hones in on BlackRock’s Environmental, Social, and Governance (ESG) initiatives, alleging that consumers were deprived of the ability to accurately assess the financial giant’s objectives.
“We allege that BlackRock’s inconsistent statements about its investment strategies deprived consumers of the ability to make an informed choice,” Skrmetti said. “I want to make certain that corporations, no matter their size, treat Tennessee consumers fairly and honestly.”
Tennessee’s lawsuit comes as numerous Republican-led states have divested from BlackRock, citing concerns with the asset…
