BlackRock, State Street, and Vanguard are facing a federal antitrust lawsuit accusing them of reducing coal supplies to advance environmental goals, according to reports from the US.
Filed by 11 Republican-led states, including oil-producing Texas, the lawsuit alleges the firms used their influence as major shareholders in coal producers to restrict output, inflate prices, and promote their climate-focused agenda.
Critics claim this approach has hurt energy markets and raised costs for consumers.
BlackRock rejected the allegations as unfounded, while Vanguard and State Street did not comment.
The lawsuit highlights the growing Republican backlash against perceived “woke capitalism”.
It also points to initiatives like Climate Action 100+ as evidence of coordinated action. The outcome could set a precedent for balancing environmental efforts with market regulations.