Texas Leads Multi-State Lawsuit Against Investment Giants Over Energy Market Manipulation
TL;DR Summary
Texas Attorney General Ken Paxton has filed a lawsuit against BlackRock, State Street, and Vanguard, accusing them of conspiring to manipulate energy markets by reducing coal output to promote green energy goals, thereby driving up electricity costs. The lawsuit claims these actions violated federal and Texas antitrust laws, as well as deceptive trade practices laws, by artificially constricting coal supply and misleading investors. A coalition of 10 other states has joined the lawsuit.
- Attorney General Ken Paxton Sues BlackRock, State Street, and Vanguard for Illegally Conspiring to Manipulate Energy Markets, Driving Up Costs for Consumers texasattorneygeneral.gov
- Republican US states sue BlackRock for ‘destructive’ green agenda Financial Times
- 11 states sue biggest money managers, a frequent target of conservatives over ESG investing, for alleged coal collusion Axios
- BlackRock, Vanguard Accused of Violating Antitrust Law by Texas (BLK, STT) Bloomberg
- Texas sues investment firms for anti-trust violations, price hikes KXAN.com
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