BlackRock Fights Republican States' Antitrust Claims in Climate Case
BlackRock and other asset managers are seeking dismissal of a Republican-led antitrust lawsuit. The case alleges firms violated antitrust law through climate activism affecting coal production and energy prices. BlackRock's lawyer argues the claim is implausible, while states argue market impacts are possible.
In a high-profile legal battle, BlackRock and other asset management giants are pushing for the dismissal of an antitrust lawsuit filed by Republican states including Texas. The case accuses these firms of engaging in climate activism that allegedly breaches antitrust laws by influencing coal production and energy prices.
BlackRock's attorney, Gregg Costa, argued in court that the claims lack substance, noting no evidence of coordinated actions, such as voting against specific coal company directors. Vanguard's attorney, Robert Wick, emphasized that their interactions with coal companies were standard for asset managers and did not involve coercive actions.
Despite this defense, lawyer Brian Barnes, representing the states, insisted that even indirect influences like 'jawboning' could impact market strategies at coal companies. The lawsuit's result could reshape how asset managers manage their vast holdings, with potential divestments from coal firms posing risks to capital access and energy prices.
(With inputs from agencies.)
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