Texas and 10 Other Republican-Led States Sue BlackRock, Vanguard, and State Street Over Antitrust Violations

Texas and 10 other Republican-led states have filed a lawsuit against BlackRock, Vanguard, and State Street, accusing the asset managers of violating antitrust laws through climate activism and related actions.

The complaint, filed in Tyler, Texas, alleges the firms used their market influence to push coal companies to reduce production and emissions, driving up energy prices. The states argue that competitive markets, not asset managers, should determine electricity prices. BlackRock, Vanguard, and State Street manage over USD 26 trillion in assets. The lawsuit also criticises their involvement in climate advocacy groups, including the Net Zero Asset Managers Initiative and Climate Action 100+. The states seek to block these firms from influencing shareholder resolutions and demand civil fines for violations of federal antitrust laws.