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On Friday, a U.S. judge denied a motion by major asset managers BlackRock, State Street and Vanguard to dismiss a lawsuit from Texas and 12 other states that accused the firms of violating antitrust laws by fearmongering about climate change to curb coal production and raise energy prices.
“These financial corporations created an investment cartel to illegally control national energy markets, and today’s victory represents an important step in holding them accountable,” Texas Attorney General Ken Paxton wrote on social media.
The federal district court judge denying the asset managers’ motion to dismiss allows the states’ litigation to continue under federal antitrust laws.
A statement by the Texas AG explained, “In November 2024, Attorney General Paxton sued the asset managers for using their combined influence over the coal market to weaponize their shares to pressure the coal companies to accommodate ‘green energy’ goals by halving coal output by 2030. The deliberate and artificial supply reduction increased prices and enabled the investment companies to produce extraordinary revenue gains by increasing the cost of electricity for American households. Their conspiracy violated multiple state and federal laws forbidding anticompetitive schemes and deceptive trade practices. In May 2025, the Trump Administration took legal action supporting Attorney General Paxton’s efforts to hold the asset managers accountable.”
BlackRock accused the states of “undermining the Trump Administration’s goal of American energy independence.”
Following the ruling, the states will be moving forward with their claims that the asset managers violated U.S. antitrust law by joining the Climate Action 100+ investor initiative to “combat climate change” via their shareholder advocacy.
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