Eleven GOP States Sue BlackRock, State Street & Vanguard For Conspiring To Drive Up Energy Costs
Major investment firms using 'green energy' policies to illegally constrict energy supply so they could make higher profits.
Texas Attorney General Ken Paxton announced Wednesday that ten other Republican-led states are joining a lawsuit he filed against asset management firms Blackrock, State Street and Vanguard over an alleged violation of antitrust law, after the companies’ climate policies resulted in decreased coal production.
Paxton wrote on 𝕏, “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. Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.”
🚨BREAKING: Texas Sues BlackRock, State Street, and Vanguard for Illegally Conspiring to Manipulate Energy Markets, Driving Up Costs For Consumers
— Attorney General Ken Paxton (@KenPaxtonTX) November 27, 2024
Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized… pic.twitter.com/WrpftEr0cJ
The three companies have acquired stockholdings in all of America’s top public coal producers over the past few years, using their influence to “pressure the coal companies to accommodate ‘green energy’ goals.”
The “green energy” push aims to promote a 50% reduction in coal output by the year 2030, which would significantly increase electricity costs around the country.
Furthermore, the companies promoted non-environmental, social, and governance (ESG) funds to consumers while going on to enact ESG “green” policies against the wishes of investors.
Paxton’s letter explains, “Deliberately and artificially constricting supply increased prices and enabled the investment companies to produce 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.”
In a public statement, Paxton said, “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.”
Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia and Wyoming are Texas’ co-plaintiffs in the lawsuit.
See the full court filing below:
