Texas suit v. Blackrock, et al could undermine Trump’s energy agenda

September 2, 2025

In a move demonstrating that big oil companies aren’t the only targets of energy-related lawsuits, a coalition of state attorneys general led by Texas AG Ken Paxton recently sued major investment firms including BlackRock, Vanguard and State Street. The complaint, filed last December in a Texas federal court, alleges that the defendants illegally colluded to buy up stock in various coal companies and force them to lower output via implementation of internal ESG-focused policies.

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