blackrock and vanguard face antitrust lawsuit over electricity price hikes

BlackRock Inc., Vanguard Group Inc., and State Street Corp. are currently facing a lawsuit led by Texas Attorney General Ken Paxton, along with 10 other states, for allegedly violating antitrust laws.

The lawsuit claims that these major asset managers used their market influence and affiliations with climate advocacy groups to pressure coal producers into reducing output, resulting in electricity shortages and increased electricity prices for residents in Texas and the other involved states.

This lawsuit, filed in federal court in Texas, is a significant legal challenge against the environmental, social, and governance (ESG) investment sector, which has been under scrutiny for its impact on energy markets.

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