US government agencies accuse the assets management giants Blackrock, State Street and Vanguard of collaboration against the coal industry.
In November last year, 11 state lawyers -general, led by Texas Ag Ken Paxton, the three financial companies of entering into a competitiveness conspiracy to lower coal production.
The Attorney General claims that the companies have tapped their influence as shareholders in competing coal companies to reduce the output in the industry in the industry, where he would share competitive information in the process illegally.
Now the Federal Trade Commission (FTC) and the Antitrust department of the Ministry of Justice (DOJ) have submitted a ‘declaration of interest’ to support the AGS case.
The federal officials claim that the alleged behavior of BlackRock, State Street and Vanguard increased energy prices for consumers and companies.
“This case is not about ordinary activity by asset managers such as passive index investment or even pro-competitive activism. As claimed, the holders of large quantities of shares in competitive companies have agreed to use those shareholders to reduce the output of US Coal to increase the profit compared to American consumers and companies.
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