DOJ Weighs Joining Texas-Led Antitrust Suit Against BlackRock and State Street

RegulationIndustry
โดย Seeking Alpha·US·Read original
Summary · why it matters

The U.S. Department of Justice is evaluating whether to join a state-led antitrust lawsuit against BlackRock and State Street over claims the fund managers used their power to pressure coal producers to cut output. Senior DOJ officials have recently discussed the possibility of joining the lawsuits with the states, according to a Bloomberg report on Friday citing people familiar with the matter, though no final decisions have been made and the regulator may decide to do nothing. In November 2024, Texas and 10 other Republican state attorneys general sued BlackRock and State Street, claiming the money managers pressured coal producers to cut output, causing residents to pay higher power bills. Vanguard Group, originally named as a defendant in the suit, settled this February, agreeing to pay $29.5 million and to stop imposing ESG goals for its investments. The DOJ declined to comment on whether it will join the lawsuit but told Bloomberg it is focused on affordability for all Americans across the economy, while BlackRock declined to comment and referred to an earlier statement calling the suit baseless, and State Street also declined to comment, saying the lawsuit remains baseless and without merit.

Impact on stocks 2

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

DOJ is weighing joining the Texas-led antitrust suit alleging BlackRock pressured coal producers to cut output.

State Street Corp
STT
▼ NegativeRegulationrelevance

DOJ is weighing joining the Texas-led antitrust suit alleging State Street pressured coal producers to cut output.

Off-coverage companies 1

The Vanguard Group, Inc.Private± Mixed
Regulationrelevance

Vanguard settled the same suit for $29.5M and agreed to stop imposing ESG goals, mentioned only as context.

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