Capital Economy, Business and Finance
Texas is suing three of the world's biggest asset managers for allegedly manipulating the price of coal in the service of a green agenda.
Ken Paxton, the Texas attorney general and subject of a federal securities fraud investigation, is the lead lawyer in a suit also backed by nine other Republican states. It accuses BlackRock, State Street and Vanguard of using their holdings in coal producers to limit output and drive up prices.
BlackRock said the accusation defies common sense. The asset managers are accused of joining Climate Action 100+, a carbon emissions reduction effort by business, which Vanguard never did and which BlackRock and Vanguard used to support but no longer do.
Paxton has been accused of bribery and abuse of office as well as securities fraud. He has been impeached as well as indicted – but the Republican-controlled Texas senate acquitted him on a 16-14 vote.
