BlackRock, Vanguard and State Street have been sued by Texas and 10 other Republican-led states, which said the large asset managers violated antitrust law through climate activism that reduced coal production and boosted energy prices.

Vanguard, and State Street Corp (STT) have been sued by a group of states led by Texas for allegedly breaking antitrust law. These companies are accused of boosting electricity prices through their investments.

Federal complaint filed in Texas court by a consortium of 11 states argues the fund giants used their market power to pressure energy companies and ultimately hurt consumers.

BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting electricity prices through their investments, in the highest-profile lawsuit yet against the beleaguered ESG industry.

A group of Republican state attorneys general led by Texas sued institutional investors Blackrock, State Street and Vanguard on Wednesday, accusing them of violating antitrust law through climate activism that restricted coal production.

BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting electricity prices through their investments, in the highest-profile lawsuit yet against the beleaguered ESG industry.

A group of states, led by Texas, is suing BlackRock, Vanguard and State Street for allegedly breaking antitrust law by boosting electricity prices through their investments. Bloomberg's Sally Bakewell joined Bloomberg Open Interest to talk about the lawsuit and what it means for the ESG industry.