Wednesday, October 8, 2025

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Texas Takes Wall Street Titans To Court Over Alleged Coal Cartel

Texas Attorney General Ken Paxton has initiated a federal antitrust lawsuit against major asset management firms BlackRock Inc. (NYSE: BLK), State Street Corporation (NYSE: STT), and Vanguard Group. The suit alleges that these firms conspired to manipulate energy markets by reducing coal production, leading to increased energy costs for consumers.

Paxton asserts that this collaboration constitutes a “stunning violation of State and federal law.”

The lawsuit claims that BlackRock, State Street, and Vanguard leveraged their substantial holdings in coal companies to pressure these entities into decreasing coal output. This strategy allegedly aimed to advance ESG objectives, particularly the reduction of carbon emissions.

The complaint argues that such actions have artificially constrained energy supplies, resulting in higher electricity prices for consumers. Paxton emphasizes that Texas “will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda.”

In response to the allegations, BlackRock stated that its investments are intended to benefit the companies involved, not to harm them, and that “the suggestion that BlackRock has invested money in companies with the goal of harming those companies is baseless and defies common sense.” The firm contends that the lawsuit could deter business investments in Texas. As of now, Vanguard and State Street have not publicly commented on the lawsuit.

This legal action reflects a broader political debate over ESG investing, with Republican-led states scrutinizing financial institutions they perceive as prioritizing environmental goals over financial returns. The lawsuit also challenges the firms’ participation in initiatives like the Net Zero Asset Managers Initiative and Climate Action 100+, from which they have since withdrawn.

This comes months after TXSE Group, supported by BlackRock and Citadel Securities, announced plans to establish the Texas Stock Exchange in Dallas. The exchange has raised approximately $120 million and intends to file for registration with the U.S. Securities and Exchange Commission later this year. TXSE aims to attract listings of exchange-traded products and offer an alternative to existing exchanges like Nasdaq and the New York Stock Exchange, focusing on companies in the southeastern United States.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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