11 State Attorneys General Challenge BlackRock, Vanguard, and State…

ce extraordinary revenue gains. This conspiracy violated multiple federal laws that prevent a major shareholder or a group of shareholders from using their shares to lessen competition or engaging in other anticompetitive schemes. Further, the companies broke Texas antitrust and deceptive trade practices laws.

“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices,” said Attorney General Paxton. “Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.”

A coalition of 10 other states joined Attorney General Paxton in the lawsuit. The Buzbee Law Firm and Cooper & Kirk are serving as outside counsel.

If you want to read the full filing, you can click here to access the document directly.

This lawsuit is a significant development in the world of finance and securities. It highlights the importance of fair competition and exposes alleged anticompetitive practices by major financial institutions. The implications for energy markets and consumers could be widespread if the allegations are proven true. Stay tuned for more updates on this case as it unfolds.