Tag: BlackRock
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Eleven states sue asset managers, alleging antitrust violations
Eleven Republican-led states on Nov. 27 sued BlackRock, Vanguard, and State Street—the Big Three passive asset managers—arguing the firms violated antitrust laws. The states said the firms’ collective ESG engagement hurt coal production, raising consumer energy costs. The firms argued they operate independently and compete with one another. BlackRock, Vanguard, and State Street hold large…
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Indiana Secretary of State issues cease-and-desist order against BlackRock
Indiana Secretary of State Diego Morales (R) announced his office issued a cease-and-desist order Aug. 22 against BlackRock, arguing the asset manager misled investors and used non-ESG funds to promote ESG goals. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for, against,…
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Mississippi issues cease and desist order to BlackRock, warns of potential fines
Mississippi Secretary of State Michael Watson (R) on March 26, 2024, sent a cease and desist letter to BlackRock arguing the firm misled investors regarding the extent of its commitment to ESG strategies and threatened to fine the asset manager. Watson specifically said BlackRock’s claim that the firm’s non-ESG funds did not “seek to follow…
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Texas education fund pulls $8.5 billion from BlackRock
The Texas Permanent School Fund (TPSF) on March 19, 2024, pulled roughly $8.5 billion from BlackRock’s asset management. Texas State Board of Education Chairman Aaron Kinsey (R) argued that since BlackRock supported environmental, social, and corporate governance (ESG) investing through its boycott of the fossil fuel industry, state law prohibited BlackRock from managing public funds.…