US Edition13 state AGs win victory against ESG with Vanguard settlement
Vanguard will pay $30 million, end ESG activism, and expand investor proxy voting for 50% of U.S. equity fund assets, resolving a lawsuit led by 13 states over alleged market collusion.
- Yesterday, a multistate coalition led by Nebraska Attorney General Mike Hilgers settled with The Vanguard Group, Inc., requiring Vanguard to end its ESG activism, turn over documents, and pay $29.5 million.
- The attorneys general allege ESG and net-zero policies were used to control markets and choke off affordable energy, penalizing fossil-fuel producers and targeting a BlackRock-led investment cartel that drove up coal and electricity prices.
- The settlement restricts how Vanguard may use its shareholdings, barring it from directing companies or nominating proposals, and expands proxy voting for investors in U.S. equity funds covering at least 50% of assets Vanguard advises.
- With Vanguard settled, plaintiffs say they will press remaining defendants in the multistate case, as Iowa Attorney General Brenna Bird said they will target BlackRock and State Street next.
- The settlement, described by officials as first-of-its-kind, raises prospects for further document-driven probes as the Department of Justice and Federal Trade Commission filed a joint statement of interest supporting the multistate coalition resolving part of the lawsuit.
43 Articles
43 Articles
Hastings Tribune
13 state AGs win victory against ESG with Vanguard settlement
(The Center Square) – Marking a victory in the fight against Environmental, Social and Governance (ESG), over a dozen state attorneys general secured a settlement Thursday with asset manager Vanguard – the company agreeing it will end its ESG efforts…
WNTZ FOX 48
KLFYVanguard settles for $29.5 million over coal price allegations, according to Louisiana AG
The Louisiana Attorney General's Office has announced a settlement with Vanguard, in which the firm will pay $29.5 million to Louisiana and 13 other states for allegedly using their ownership interests in coal producers to manipulate the price of coal and gain undue profits.
Ken Paxton Secures ‘First-of-Its-Kind’ Antitrust Settlement Against Vanguard for ESG Practices.
PULSE POINTSWHAT HAPPENED: Texas Attorney General Ken Paxton (R) announced that the Vanguard Group has agreed to a “first-of-its-kind settlement”—effectively ending its defense in a multi-state antitrust lawsuit targeting the company along with BlackRock and State Street, alleging coordinated environmental, social, and governance (ESG)-driven market manipulation.WHO WAS INVOLVED: Ken Paxton, Vanguard Group, BlackRock, State Street, corporate sha…
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