by Reuters News
A US judge on Friday largely rejected a request by top asset managers including BlackRock to dismiss a lawsuit filed by Texas and 12 other Republican-led states that said the companies violated antitrust law through climate activism that reduced coal production and boosted energy prices.
US District Judge Jeremy Kernodle in Tyler, Texas, agreed to dismiss just three of the 21 counts in the states’ lawsuit, that also names institutional investors State Street and Vanguard.
The lawsuit is among the highest-profile cases targeting efforts to promote environmental, social and governance goals.
Texas Attorney General Ken Paxton said the three companies “created an investment cartel to illegally control national energy markets and squeeze more money out of hardworking Americans,” and that “today’s victory represents a major step in holding them accountable.”
The three asset managers said they would continue to defend against the claims, with Vanguard calling the ruling disappointing, and State Street calling the case a risk to investors and energy markets…
Continue Reading