By SRH
Texas Attorney General Ken Paxton has just announced that he is suing three major institutional investment firms—Blackrock, State Street, and Vanguard—for acquiring shares in every coal company, allowing them to influence policies and increase prices for consumers.
Paxton states that ten additional states have joined this lawsuit.
Here is the announcement from Paxton:
Texas has filed a lawsuit against BlackRock, State Street, and Vanguard, accusing them of unlawfully conspiring to manipulate energy markets, resulting in increased costs for consumers.
Texas will not accept the unlawful use of the financial sector to advance a harmful, politicized ‘environmental’ agenda.
BlackRock, Vanguard, and State Street collaborated to manipulate the coal market, intentionally constrict the energy supply, and increase prices.
The Republican-led states, including West Virginia and Montana, are asking the court to bar the three largest US investment firms from using their stock in coal companies to vote on shareholder resolutions and take other steps in a way that restrains output and limits market competition. -Bloomberg
The other states involved in the lawsuit are Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia and Wyoming.
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