The Trump Administration’s Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) have taken legal action supporting Attorney General Ken Paxton’s lawsuit against BlackRock, State Street, and Vanguard for conspiring to artificially manipulate the coal market through anticompetitive trade practices.
“I am grateful that the Trump Administration has joined my effort to hold major asset managers accountable for weaponizing the financial industry to illegally control the energy markets and force a destructive ‘green energy’ ideology on the American people,” said Attorney General Paxton. “The joint conspiracy by BlackRock, State Street, and Vanguard sought to undermine America’s energy independence at the expense of consumers and our national sovereignty. Together, President Donald Trump and I will hold these corporations accountable.”
In November 2024, Attorney General Paxton sued the asset managers for using their combined influence over the coal market to weaponize their shares to pressure the coal companies to accommodate “green energy” goals by halving coal output by 2030. The deliberate and artificial supply reduction increased prices and enabled the investment companies to produce extraordinary revenue gains by increasing the cost of electricity for American households. Their conspiracy violated multiple state and federal laws forbidding anticompetitive schemes and deceptive trade practices.
To read the joint statement of interest by the DOJ and FTC, click here.