US EditionGOP AG lawsuit against asset managers threatens coal industry, experts say
- Last fall, Texas Attorney General Ken Paxton joined with ten other Republican attorneys general to initiate an antitrust lawsuit targeting Vanguard, BlackRock, and State Street over their investments in coal companies.
- The lawsuit claims that these asset managers breached federal antitrust laws by using their combined power to compel coal companies to lower production in pursuit of ESG goals.
- Energy experts and insiders warn the legal action will force divestment, reduce stock values, limit capital for coal firms, and increase legal costs, hurting the coal industry.
- Paxton claims the three firms formed a cartel that rigged the coal market by reducing supply and raising prices, while Frontiers of Freedom's George Landrith calls the lawsuit unnecessary as asset managers are moving away from ESG.
- The lawsuit may result in billions withdrawn from coal investments, contradicting the need for increased energy funding, with some urging reconsideration to avoid aiding environmentalists calling for coal's end.
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GOP AG lawsuit against asset managers threatens coal industry, experts say
(The Center Square) – Texas Attorney General Ken Paxton and several other Republican state AGs are taking action against financial asset managers, but energy policy experts worry it will hurt the American coal industry.
Experts concerned that lawsuit by 11 GOP AGs against asset managers could threaten coal industry
Last fall, Texas AG Ken Paxton and 10 other Republican AGs filed an antitrust lawsuit against Vanguard, BlackRock and State Street alleging the asset management companies violated federal antitrust law.
·Washington, United States
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