Seal
________________________________________________________________________





*FOR IMMEDIATE RELEASE*

May 23, 2025

www.texasattorneygeneral.gov




*PRESS OFFICE: (512) 463-2050*

[email protected]





 

* *

*Trump Administration Supports Attorney General Ken Paxton’s Lawsuit Against BlackRock, State Street, and Vanguard for Illegally Manipulating Energy Markets*

 

AUSTIN – The Trump Administration’s Department of Justice (“DOJ”) and Federal Trade Commission (“FTC”) have taken legal action supporting Attorney General Ken Paxton’s lawsuit against BlackRock, State Street, and Vanguard for conspiring to artificially manipulate the coal market through anticompetitive trade practices.

 

“I am grateful that the Trump Administration has joined my effort to hold major asset managers accountable for weaponizing the financial industry to illegally control the energy markets and force a destructive ‘green energy’ ideology on the American people,” said Attorney General Paxton. “The joint conspiracy by BlackRock, State Street, and Vanguard sought to undermine America’s energy independence at the expense of consumers and our national sovereignty. Together, President Donald Trump and I will hold these corporations accountable.”

 

In November 2024, Attorney General Paxton sued [ [link removed] ] the asset managers for using their combined influence over the coal market to weaponize their shares to pressure the coal companies to accommodate “green energy” goals by halving coal output by 2030. The deliberate and artificial supply reduction increased prices and enabled the investment companies to produce extraordinary revenue gains by increasing the cost of electricity for American households. Their conspiracy violated multiple state and federal laws forbidding anticompetitive schemes and deceptive trade practices.

 

To read the joint statement of interest by the DOJ and FTC, click here. [ [link removed] ]

   

###







Stay Connected with Office of Texas Attorney General on
Facebook [ [link removed] ] - X [ [link removed] ] - Instagram [ [link removed] ] - Email [ [link removed] ]

 Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need to use your email address to log in. If you have questions or problems with the subscription service, please visit subscriberhelp.govdelivery.com [ [link removed] ].


________________________________________________________________________

This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of: Office of Texas Attorney General ·300 W. 15th Street · Austin, TX 78701 GovDelivery logo [ [link removed] ]