DOJ Weighs Joining State Antitrust Suit Against BlackRock and State Street

Regulation
โดย Investing.com·US·Read original
Summary · why it matters

The U.S. Department of Justice is actively weighing whether to intervene in a high-stakes state antitrust lawsuit against asset management giants BlackRock Inc and State Street Corp, Bloomberg reported, citing people familiar with the matter. Senior antitrust officials have held discussions in recent weeks with involved state attorneys general and company representatives, though federal officials have yet to reach a final determination on joining the litigation. The core dispute stems from a late 2024 lawsuit led by Texas alongside 12 other state attorneys general, which alleges the investment managers leveraged their vast market power and climate coalition memberships to curb coal production and inflate regional energy prices. Federal interest in the proceedings is not entirely unprecedented, as both the Justice Department and the Federal Trade Commission filed a joint statement of interest in May 2025 indicating that the alleged conduct, if proven, would constitute antitrust violations. Vanguard Group Inc., originally named as a co-defendant in the filing, resolved its involvement in February by agreeing to a $29.5 million settlement while committing to restrict ESG targets across its portfolios, despite denying all underlying claims, and a federal judge cleared the case to move forward against BlackRock and State Street in August 2025.

Impact on stocks 2

Digital Finance & Tokenization▼ · 2 stocks
BlackRock Inc
BLK
▼ NegativeRegulationrelevance

DOJ weighs joining state antitrust suit alleging BlackRock used market power and climate coalition ties to curb coal output and inflate energy prices.

State Street Corp
STT
▼ NegativeRegulationrelevance

State Street is a co-defendant in the antitrust suit that the DOJ is considering intervening in.

Off-coverage companies 1

The Vanguard Group, Inc.Private± Mixed
Regulationrelevance

Vanguard settled for $29.5M and agreed to restrict ESG targets, resolving its involvement in the same suit.

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