US EditionUS expected to support Republican states' argument in BlackRock climate case
- In May 2025, the US Department of Justice alongside the Federal Trade Commission submitted a statement backing Republican-led states in a Texas lawsuit alleging that BlackRock, Vanguard, and State Street engaged in conspiracies related to climate activism.
- The case arose from accusations that these asset managers used their holdings in coal companies to reduce output and discourage competition, which they deny, claiming passive investment exemptions.
- The litigation involves 13 states led by Texas, targets asset managers managing about $27 trillion, and unfolds under Judge Jeremy Kernodle in Tyler, Texas, with arguments on dismissal scheduled for June 2025.
- The Investment Company Institute criticized the FTC and DOJ’s arguments as 'specious' and warned the lawsuit’s relief would devastate funds and the energy sector, urging agencies to prioritize cases supporting the middle class.
- This development represents a political setback for the asset managers and signals ongoing tension over balancing environmental goals against fiduciary duties to investors in the US energy market.
18 Articles
18 Articles
FTC, DOJ file ‘statement of interest’ in coal manipulation case
By Naveen Athrappully Contributing Writer The Federal Trade Commission and the Department of Justice have filed a “statement of interest” in multi-state litigation that accuses asset managers BlackRock, State Street, and Vanguard of conspiring to restrict coal production, the FTC said in a Thursday statement. A statement of interest is typically used by government entities to express their perspective in a legal argument without formally inter…
FTC, DOJ File ‘Statement of Interest’ Against BlackRock, State Street, and Vanguard in Coal Manipulation Case - The Thinking Conservative
FTC and DOJ filed “Statement of Interest” in multi-state litigation accusing BlackRock, State Street, and Vanguard of conspiring to restrict coal production. The post FTC, DOJ File ‘Statement of Interest’ Against BlackRock, State Street, and Vanguard in Coal Manipulation Case appeared first on The Thinking Conservative.
FTC, DOJ File ‘Statement of Interest’ Against BlackRock, State Street, and Vanguard in Coal Manipulation Case
The Federal Trade Commission (FTC) and the Department of Justice (DOJ) have filed a “Statement of Interest” in a multi-state litigation that accuses asset managers BlackRock, State Street, and Vanguard of conspiring to restrict coal production, the FTC said in a May 22 statement. A “Statement of Interest” is typically used by government entities to express their perspective in a legal argument without formally intervening in the suit. The lawsui…
New York Post
DNyuzFeds back GOP states in climate case alleging BlackRock, other fund giants conspired to lower coal output
Federal antitrust enforcers expressed support for arguments wielded by Republican states that accuse asset managers BlackRock, Vanguard and State Street of conspiring through climate activism to decrease coal output.
US expected to support Republican states' argument in BlackRock climate case
U.S. federal antitrust enforcers were expected to express support on Thursday for arguments wielded by Republican states that accuse asset managers BlackRock , Vanguard and State Street of conspiring through climate activism to decrease coal output, two sources familiar with the matter told Reuters.
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