The U.S. Department of Justice and Federal Trade Commission filed a statement of interest last week in an 11-state, Texas-led lawsuit alleging BlackRock, State Street, and Vanguard colluded to suppress coal production, violating antitrust laws. The statement argued ESG-related coordination among asset managers could raise valid antitrust concerns.

Republican-led, energy-producing states like Texas have long targeted the Big Three over ESG. But the federal government’s statement of interest marks its first formal move supporting scrutiny of ESG-related collaboration on antitrust grounds.

For more on the lawsuit, click here.

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