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ICI backs BlackRock, State Street, Vanguard in US state attorneys antitrust case

( March 24, 2025, 23:31 GMT | Official Statement) -- MLex Summary: The Investment Company Institute told a US federal judge that a US antitrust case filed by state attorneys general against BlackRock, State Street, and The Vanguard Group threatens to disrupt an industry that offers tangible benefits to millions of Americans and to our national economy, urging the court to dismiss. “Funds—not their managers—own equity interests in companies for the benefit of the funds’ investors and do not invest in companies with either the purpose or effect of controlling them. And fund managers are constrained by their contracts with and fiduciary duties of care and loyalty owed to each of their clients, whose investment objectives, strategies, and policies vary,” ICI argued.  See attached file. ...

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