Judge Allows Antitrust Climate Change Lawsuit to Advance in Texas
A U.S. judge largely upheld a lawsuit against major asset managers by Texas and 12 Republican-led states, alleging antitrust violations through climate activism. The case claims these actions have undervalued coal production, increasing energy costs. The lawsuit, targeting efforts promoting ESG goals, has significant industry implications.
A U.S. judge on Friday largely rejected efforts by top asset managers to dismiss a lawsuit accusing them of antitrust violations linked to climate activism. The suit, brought by Texas and 12 other Republican-led states, claims these initiatives have detrimentally impacted coal production and boosted energy prices.
U.S. District Judge Jeremy Kernodle, based in Tyler, Texas, dismissed only three of the 21 counts in the case. The lawsuit targets prominent firms like BlackRock, State Street, and Vanguard, marking one of the most high-profile challenges to environmental, social, and governance (ESG) initiatives.
The companies deny any wrongdoing, with Kernodle's decision allowing the states to continue their legal action. Backed by antitrust officials from the Justice Department and FTC, the case's outcome could reshape asset management strategies involving $27 trillion in holdings.
(With inputs from agencies.)
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