BlackRock and State Allies Clash in Climate Antitrust Battle

In a high-stakes legal face-off, BlackRock and other major asset managers are contesting antitrust allegations brought by Republican-led states over claims of climate activism reducing coal output and increasing energy costs.

Representing the firms, attorney Gregg Costa argued that the accusations aren't plausible, citing a lack of direct evidence or whistleblower testimonies linking the companies to any collusive efforts.

The outcome of this closely watched case could significantly influence how these financial powerhouses manage their vast portfolios, potentially pressuring them to divest from coal-related investments.

(With inputs from agencies.)