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US judge denies BlackRock, asset managers' dismissal of ESG cartel suit

( August 1, 2025, 17:17 GMT | Official Statement) -- MLex Summary: A federal judge denied BlackRock, State Street and Vanguard their motion to dismiss a Texas-led coalition of US states' antitrust claims accusing the firms of conspiring to constrict the market for coal through anticompetitive trade practices. The states allegations "are not vague and conclusory but include dozens of specific examples of Defendants' conduct supporting their theory," US District Judge Jeremy Kernodle of the Eastern District of Texas said in his order. The plaintiffs adequately allege a Clayton Act violation by claiming the asset managers made public commitments to trade initiatives that aimed to push coal production towards zero, and that the defendants voted against directors at coal companies that failed to provide climate risk disclosures, Kernodle ruled. However, Kernodle did grant the defendants dismissal of claims under the Nebraska Consumer Protection Act and the Louisiana Unfair Trade Practices Act.  See attached document. Statement follows...

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