Overview

• The Department of Justice and Federal Trade Commission have filed a statement of interest supporting a Texas-led lawsuit against BlackRock, State Street, and Vanguard for alleged antitrust violations in coal markets.
• The lawsuit claims the asset managers used their stockholdings in competing coal companies to orchestrate production cuts, driving up energy prices for consumers and businesses.
• This marks the first time federal agencies have formally addressed the antitrust implications of common shareholdings in competing firms in court.
• The intervention follows executive orders from President Trump declaring a national energy emergency and calling for increased domestic coal production to bolster energy security.
• A hearing on the defendants' motion to dismiss is scheduled for early June, with a court ruling expected shortly thereafter.