Last week, Texas v. BlackRock (E.D. Tex.), the first antitrust case challenging climate collaborations by financial institutions, reached an initial resolution. Texas Attorney General (“AG”) Ken Paxton announced that one of three institutional-investor defendants, Vanguard, had settled. As part of the settlement, Vanguard pledged not to “direct” its portfolio companies’ […]
State Attorneys General
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Texas v. BlackRock (E.D. Tex.) (BlackRock), a case in which 13 states claim that the institutional-investor defendants colluded to profit through coordinated output reductions at coal companies they partially owned, remains in its early stages, with discovery continuing through 2027. Already however, opponents of climate-risk mitigation have rushed to extract […]
A now-familiar playbook for climate-denying state attorneys general is to launch burdensome investigations of climate-minded corporate enterprises based on inchoate antitrust claims (often conspicuously lacking a profit motive for the alleged antitrust violations). These enforcement tactics crystallize two challenges for corporate climate initiatives seeking to steer clear of antitrust liability. […]