BlackRock’s response to DOJ and FTC filing

BlackRock’s response to DOJ and FTC filing supporting the multi-state AG lawsuit against asset managers

In November, the Texas Attorney General, along with 12 other state AGs, filed a lawsuit against BlackRock, Vanguard and State Street alleging that the three asset managers conspired with coal companies to suppress coal production in the United States, thereby raising energy prices. In March, we filed a motion to dismiss the litigation.

Today, the Department of Justice (DOJ) and the U.S. Federal Trade Commission (FTC) filed a ”Statement of Interest” supporting the lawsuit.

Please read our statement below:

“The DOJ and FTC’s support for this baseless case undermines the Trump Administration’s goal of American energy independence. As we made clear in our earlier motion to dismiss, this case is trying to re-write antitrust law and is based on an absurd theory that coal companies conspired with their shareholders to reduce coal production. Forcing asset managers to divest from coal companies will harm their ability to access capital and invest in their businesses and employees, likely leading to higher energy prices.”