Justice Department Weighs Joining Antitrust Suit Against BlackRock
The U.S. Department of Justice is considering joining a state-led antitrust lawsuit against BlackRock and State Street over alleged efforts to restrict coal production.
The United States Department of Justice is weighing whether to join a state-led antitrust lawsuit against asset management firms BlackRock Inc. and State Street Corp. The litigation, originally filed in late 2024 by the Government of Texas and 12 other state attorneys general, alleges the firms used their market power and climate coalition memberships to restrict coal production and drive up regional energy prices.
This legal challenge targets environmental, social, and governance (ESG) investment strategies. While the Justice Department and the Federal Trade Commission filed a joint statement of interest in May 2025, federal authorities have not yet made a formal decision on joining the litigation. The case continues following a federal judge's ruling in August 2025.
The lawsuit previously included Vanguard Group Inc. as a co-defendant. Vanguard settled its involvement in February by paying $29.5 million and agreeing to limit ESG targets within its portfolios.
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