Federal Judge Approves Texas Lawsuit Against Blackrock

Blackrock, Vanguard and State Street accused of forming an investment cartel and manipulating coal markets

The climate war is heating up in the USA. Blackrock, Vanguard and State Street, private investment firms with mega money based in the USA have been accused of manipulating coal markets. This lawsuit has been ongoing with the investment firms filing for a dismissal of the case but on the 1st of August a federal judge in the USA has given approval for the suit to take place. A landmark development and we will watch with keen eyes across the pond, cheering on the USA as the fight The Climate Con.

It’s not just Texas either.

The lawsuit involves a coalition of 10 additional Republican-led states, bringing the total to 11 states. These states are Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming. The complaint, lodged in the U.S. District Court for the Eastern District of Texas, accuses the asset managers of violating antitrust laws by allegedly conspiring to manipulate the coal market through their significant shareholdings in companies like Peabody Energy and Arch Resources. The states claim this led to reduced coal production, higher electricity prices, and harm to consumers, in alignment with the firms’ environmental, social, and governance (ESG) initiatives, such as the Net Zero Asset Managers Initiative and Climate Action 100+.

The states argue that the asset managers’ participation in climate-focused initiatives like the Net Zero Asset Managers Initiative (NZAM) and Climate Action 100+ (CA100+) facilitated a coordinated effort to push coal companies toward cutting production by over 50% by 2030, in line with global decarbonisation targets. The complaint cites the Clayton Antitrust Act, asserting that the firms’ actions reduced competition by leveraging their collective market power. Texas further alleges that BlackRock misled investors by promoting non-ESG funds as profit-driven while using them to advance climate agendas.

BlackRock and State Street have called the lawsuit “baseless,” arguing that their investments aim to enhance shareholder value, not harm coal companies. They note that coal production actually increased from 2021 to 2022, undermining claims of output suppression. Vanguard, which exited NZAM in 2022, and BlackRock and State Street, which left or reduced CA100+ involvement in 2024, contend that the lawsuit lacks evidence of explicit collusion or instructions to coal companies to cut production. The firms filed a joint motion to dismiss in March 2025, describing the claims as “half-baked” and unsupported by facts, emphasising that their proxy voting practices were independent and not coordinated. But they just lost that dismissal and now we get to see this play out in court. Also are you noticing a trend? It’s not just banks like HSBC and Barclays quitting net zero alliances, it is also the big investment firms. A shift in the culture is happening piece by piece, mind by mind, and we all have a role to play to finish the job.

It is worth mentioning that Blackrock is only partially still on the Texas naughty step as they were recently removed from the Texas investment blacklist after their climate policy rollback. This rollback in climate policy is thought to be because of the punishment Texas is bringing forth in the legal realms. Proof that when the climate cult’s hands are forced, they will secede and we can beat them.

Here in the UK the climate cult are deeply entrenched. It’s everywhere and so much of their propaganda has become household knowledge. It’s on the back of cereal boxes, it’s subtly mentioned on the radio and tv, in documentaries, ironically, even a delivery of The Climate Con Leaflets came up that they were being delivered by an all electric vehicle.

The only reason companies are showing off this stupid green badge of misguided net zero virtue is because they believe it will increase profits because they assume most still believe the climate cult’s lies. And they are right. Millions and millions still believe their agenda, even those fighting the solar factory installations forcibly trying to purchase their homes in a climate communist land grab support the climate cult, which is frustrating as it is funny.

We have a lot of work to do here in the UK so everyone needs to pull their finger out and educate themselves, their community and we will change the course of history here and the next generations will thank us for it.