The U.S. Department of Justice (DOJ) is reportedly considering joining a state-led antitrust lawsuit against BlackRock and State Street. Texas and 12 other states initiated the legal action. The states filed the original lawsuit in late 2024. The suit alleges the asset managers colluded to force coal companies to reduce output. These actions allegedly increased energy prices under the pretext of environmental, social, and governance (ESG) goals.
Senior DOJ officials have discussed joining the litigation with the involved state attorneys general. This follows a joint statement of interest filed by the DOJ and Federal Trade Commission in May 2025. The filing indicated that the alleged actions could violate federal antitrust laws.
Vanguard Group settled its involvement in the original lawsuit in February 2026. The firm paid $29.5 million to resolve the claims.