BlackRock (NYSE: BLK), Vanguard, and State Street (NYSE: STT) have urged a Texas court to dismiss a lawsuit accusing them of conspiring to reduce coal production. The asset management giants, which collectively oversee over $26 trillion in assets, argued that the claims are based on “half-baked and untested” legal theories.
The lawsuit, led by Texas and 10 other Republican-led states, alleges that the firms violated antitrust laws by supporting climate initiatives that led to decreased coal output and higher energy prices. However, the companies refuted these claims, stating the lawsuit attempts to "rewrite antitrust law" in a way that could harm both coal companies and investors. They emphasized that there is no evidence showing they ever instructed coal companies to cut production.
BlackRock, Vanguard, and State Street have significant influence in corporate governance, including executive pay, board elections, and environmental, social, and governance (ESG) policies. While their role has attracted scrutiny from various political sides, conservative U.S. politicians, particularly from energy-producing states, have accused them of colluding through net-zero industry initiatives.
The firms defended their investment strategies, asserting that their practices are standard for index funds, which help provide low-cost investment options for millions of Americans saving for retirement. They argued that the lawsuit misrepresents routine asset management activities as unlawful collusion.
The case, Texas et al v. BlackRock Inc et al, is being heard in the U.S. District Court for the Eastern District of Texas under case number 24-00437. The outcome could have significant implications for the intersection of corporate climate policies and antitrust regulations.
Start now and Get Started Today!..... https://Worksprofit1.online/
Here is I started.…………>> https://Www.Earn54.Com