Texas lawsuit alleges mega-funds manipulated energy markets for illegal gain.
A high-profile legal dispute between 11 state attorneys general and three of the world’s largest institutional investors will focus on so-called corporate environmentalism and its potential abuse for monetary gain. The lengthy complaint alleges that these overly powerful asset managers manipulated investment policies related to environmental, social, and governance (ESG) practices to spike coal prices and increase profits at the expense of consumers forced to pay more for electricity. It may be that ESG itself will be on trial.
An Antitrust Complaint
The complaint alleges that the gargantuan firms BlackRock, Vanguard Group, and State Street Corporation conspired to buy up substantial shareholding interests in America’s largest coal-producing…
