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A coalition of 11 Republican-led states filed a lawsuit on Wednesday against BlackRock, Vanguard Group, and State Street Corporation, accusing the three asset managers of violating antitrust laws.

According to the complaint, the companies' promotion of environmental, social, and governance standards resulted in less coal production and higher energy prices.

Companies 'formed a cartel to rig the coal market.'

The lawsuit stated that the financial institutions "artificially constrained the supply of coal, significantly diminished competition in the markets for coal, increased energy prices for American consumers, and produced cartel-level profits" for themselves by leveraging their power.

Reuters reported that the three financial institutions have more than $26 trillion in assets under their management.

The companies have pressured coal companies to reduce their carbon emission by more than 50% by 2030, the complaint noted.

"Competitive markets — not the dictates of far-flung asset managers — should determine the price Americans pay for electricity," it read.

The coalition of states — including Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming — was led by Texas Attorney General Ken Paxton (R).

Paxton accused the asset managers of "illegally conspiring to manipulate energy markets."

"These firms also deceived thousands of investors who elected to invest in non-ESG funds to maximize their profits. Yet these funds pursued ESG strategies notwithstanding the defendants' representations to the contrary," he claimed.

The lawsuit accused BlackRock of "actively deceiving investors about the nature of its funds" by using all of its holdings, even those in non-ESG funds, to advance its climate goals.

Paxton told Turning Point USA founder and CEO Charlie Kirk that the reduced coal production forces the U.S. to purchase more energy overseas.

"It's affecting consumers in all kinds of ways," he said.

Paxton wrote in a post on X, "Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized 'environmental' agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices. Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law."

BlackRock said in a statement to Bloomberg that the lawsuit "undermines Texas' pro-business reputation."

"The suggestion that BlackRock invested money in companies with the goal of harming those companies is baseless and defies common sense," the company said.

Vanguard Group and State Street Corporation did not respond to a request for comment from Reuters or Bloomberg.

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