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.

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.

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.

Texas and 10 other Republican-led states sued institutional investors Blackrock, State Street and Vanguard on Wednesday, accusing them of violating antitrust law through climate activism that the states say led to diminished coal production.

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.

Vanguard, and State Street Corp (STT) have been sued by a group of states led by Texas for allegedly breaking antitrust law.