U.S. Antitrust Enforcers Support GOP States Against Asset Managers
U.S. federal antitrust enforcers are anticipated to support Republican states in a case against asset managers BlackRock, Vanguard, and State Street. The states allege that these firms conspired through climate activism to decrease coal output, challenging their significant influence over the U.S. coal market.

In a significant legal development, U.S. federal antitrust enforcers are poised to back Republican states in a high-profile case against major asset management firms. The lawsuit accuses BlackRock, Vanguard, and State Street of colluding through climate-focused activism to curtail coal production, according to two informed sources.
The U.S. Department of Justice and Federal Trade Commission plan to file a statement of interest in the case, brought by Texas joined by 12 other states. These states assert that the firms leveraged their massive stakes in U.S. coal companies to stifle competition, marking a potential political blow for the asset management giants.
The asset managers, owning a combined total of approximately $27 trillion, face criticism from conservative Republicans, particularly from energy-heavy states. They argue that the firms are prioritizing environmental and social issues over the financial returns expected by their clients.
(With inputs from agencies.)
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