Texas Scorecard by Brandon Waltens 2/26/2026
A lawsuit is ongoing against BlackRock and State Street.Attorney General Ken Paxton announced Thursday that his office has reached a settlement with investment giant Vanguard, resolving part of Texas’ multistate lawsuit accusing major asset managers of manipulating the coal market through environmental investment strategies.
The agreement marks the first settlement in the case Paxton filed in 2024 against BlackRock, Vanguard, and State Street, in which he alleged the firms conspired to suppress coal production in pursuit of environmental goals—actions he argued drove up electricity costs for consumers.
Under the deal, Vanguard will pay $29.5 million to the participating states and adopt new restrictions on how it uses its shareholder influence. Paxton’s office said Vanguard agreed not to pressure companies to adopt environmental, social, or governance (ESG) policies that could reduce profitability, and pledged not to direct corporate strategy or threaten to divest holdings to force policy changes.
More:
https://texasscorecard.com/state/vanguard-settles-with-texas-in-esg-antitrust-case/
