Attor­ney Gen­er­al Ken Pax­ton Sues Black­Rock, State Street, and Van­guard for Ille­gal­ly Con­spir­ing to Manip­u­late Ener­gy Mar­kets, Dri­ving Up Costs for Consumers

OAG - Texas ^ | November 27, 2024 | Press Release

[george76]

Attorney General Ken Paxton sued BlackRock, State Street Corporation, and Vanguard Group, three of the largest institutional investors in the world, for conspiring to artificially constrict the market for coal through anticompetitive trade practices.

Over several years, the three asset managers acquired substantial stockholdings in every significant publicly held coal producer in the United States, thereby gaining the power to control the policies of the coal companies. Using their combined influence over the coal market, the investment cartel collectively announced in 2021 their commitment to weaponize their shares to pressure the coal companies to accommodate “green energy” goals. To achieve this, the investment companies pushed to reduce coal output by more than half by 2030.

Blackrock, Vanguard, and State Street utilized the Climate Action 100 and the Net Zero Asset Managers Initiative to signal their mutual intent to reduce the output of thermal coal, which predictably increased the cost of electricity for Americans across the United States.

These firms also deceived thousands of investors who elected to invest in non-ESG funds to maximize their profits. Yet these funds pursued ESG strategies notwithstanding the defendants’ representations to the contrary.

Deliberately and artificially constricting supply increased prices and enabled the investment companies to produce extraordinary revenue gains. This conspiracy violated multiple federal laws that prevent a major shareholder, or a group of shareholders, from using their shares to lessen competition or engaging in other anticompetitive schemes. Further, the companies broke Texas antitrust and deceptive trade practices laws.

“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices,” said Attorney General Paxton. “Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.”

A coalition of 10 other States joined Attorney General Paxton on the lawsuit. The Buzbee Law Firm and Cooper & Kirk are serving as outside counsel.

[rottweiller_inc]

*giggle*

[yldstrk]

Rotten to the core. Vanguard is supposed to be gold plated mutual funds. Disgusting.

[lurk]

Let’s talk about how they buy real estate and drive home prices out of reach.

[4Runner]

I wanted him for AG. The difference between Paxton and the Manolo Blahnik shoe-wearer is just incomprehensible. One is real world. The other is Walt Disney Productions. We are so screwed.

[Openurmind]

“Let’s talk about how they buy real estate and drive home prices out of reach.”

Oh yeah, they are out of control. I am elated to see their names finally coming up again.

[ronnie raygun]

using Americans retirement money against them and for thier own profit, despicable!

[GreatRoad]

This! You win the internet today.

[GreatRoad]

Great to see this.

[Shady]

Well, the people who would hold them accountable are the ones making big bucks from them. It has to stop. Good for AG Paxton.

[Bullish]

Maybe some RICO charges too?

[Nevernikki]

Wow! Sure seems like the ADULTS are back in charge!

[know.your.why]

Keep pushing! For the love of all that is good and holy push these greedy Godless money loving control freaks off their ledge.

[Leaning Right]

> Vanguard is supposed to be gold plated mutual funds. <

Vanguard’s founder, John Bogle, was very straightforward and customer-oriented. Many of his founding principles are still followed by the company.

But his successors are certainly more profit-oriented than he ever was.

[iamgalt]

Well we need Paxton to take out that worthless rino Cornyn.

[ProtectOurFreedom]

The full coalition:

1. STATE OF TEXAS, By Attorney General Ken Paxton
2. STATE OF ALABAMA, By Attorney General Steve Marshall
3. STATE OF ARKANSAS, By Attorney General Tim Griffin
4. STATE OF INDIANA, By Attorney General Todd Rokita
5. STATE OF IOWA, By Attorney General Brenna Bird
6. STATE OF KANSAS, By Attorney General Kris W. Kobach
7. STATE OF MISSOURI, By Attorney General Andrew Bailey
8. STATE OF MONTANA, By Attorney General Austin Knudsen
9. STATE OF NEBRASKA, By Attorney General Michael T. Hilgers
10. STATE OF WEST VIRGINIA, By Attorney General Patrick Morrisey
11. STATE OF WYOMING, By Attorney General Bridget Hill

Major coal producing basins in the USA. You can see which states decided to not sign...

[meatloaf]

If you’re into boolean algebra. Bondi shares a circle with Walz. They both threw fuel on the fire of racial unrest.

Walz by supporting the Floyd “murder” hoax and allowing Ellison free rein.

Bondi by getting involved with the Martin-Zimmerman fiasco and not seeing that Crump was disbarred.

[DIRTYSECRET]

Too late. Pam’s got the job. You’re better off going against Cornyn.

[Tolerance Sucks Rocks]

You can join any time, Florida!

(Well . . . we’re waiting!)

[Soul of the South]

“Rotten to the core. Vanguard is supposed to be gold plated mutual funds. Disgusting.”

John Bogle, the founder of Vanguard, has been dead for a few years. Vanguard funds are owned by the shareholders but Bogles successors have transformed the company from a seller of mutual funds to another Wall Street investment firm. In fact the Vanguard CEO was recently eased out and replaced by an executive from Blackrock.

https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/press-release-vanguard-announces-appointment-salim-ramji-new-ceo-05142024.html