Texas sues BlackRock, State Street for ‘illegally conspiring’ against coal

Texas Attorney General Ken Paxton sued BlackRock (BLK), State Street (STT) and Vanguard Group, which it calls “three of the largest institutional investors in the world,” for “conspiring to artificially constrict the market for coal through anticompetitive trade practices,” the AG announced. A coalition of 10 other States joined Attorney General Paxton on the lawsuit, Texas noted. “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,” said Attorney General Paxton.