Attorney General Ken Paxton has secured a major victory against BlackRock, State Street, and Vanguard for conspiring to artificially manipulate the coal market through anticompetitive trade practices. A federal district court judge has denied the asset managers’ motion to dismiss—allowing the litigation to continue under Texas and federal antitrust laws, as well as Texas’s consumer protection laws.
“BlackRock, State Street, and Vanguard—three of the most powerful financial corporations in the world—created an investment cartel to illegally control national energy markets and squeeze more money out of hardworking Americans,” said Attorney General Paxton. “Today’s victory represents a major step in holding them accountable. I will continue fighting to protect Texas and defend America’s energy independence from this unlawful conspiracy.”
In November 2024, Attorney General Paxton sued the asset managers for using their combined influence over the coal market to weaponize their shares to pressure the coal companies to accommodate “green energy” goals by halving coal output by 2030. The deliberate and artificial supply reduction increased prices and enabled the investment companies to produce extraordinary revenue gains by increasing the cost of electricity for American households. Their conspiracy violated multiple state and federal laws forbidding anticompetitive schemes and deceptive trade practices. In May 2025, the Trump Administration took legal action supporting Attorney General Paxton’s efforts to hold the asset managers accountable.
To read the ruling, click here.