BlackRock and State Allies Clash in Climate Antitrust Battle

BlackRock, Vanguard, and State Street are facing antitrust allegations from Republican states, including Texas, over claims of climate activism impacting coal production and energy costs. The firms seek dismissal, arguing that the accusations lack plausibility and material evidence. The lawsuit's outcome may affect their management strategies.

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.)