Blackrock response to attorneys general Did someone contact you from the AG’s Office asking for money? It probably wasn’t us. and State Street Corp. Bernie Sanders (I-Vt. RE: Exposure Draft ED/2022/S1 General Requirements for Disclosure of Sustainability-related Financial Information Dear Mr Faber, BlackRock strongly supports the International Sustainability Standards Board’s d =ISSB > e objective of providing a global baseline of sustainability-related disclosure standards. Last month Republican attorneys general from 11 states sued BlackRock, State Street and Vanguard, saying their climate activism reduced coal production and boosted energy prices. ) today sent a letter to Attorney General Merrick Garland, Federal Trade Commission (FTC) Chair Lina Khan, and Assistant Attorney General Jonathan Kanter in strong opposition of the deal’s approval, citing what appears to be a clear violation of the Clayton Act. Press Contact . (WKRN) — Tennessee Attorney General Jonathan Skrmetti is going after BlackRock, the world’s largest asset manager, in a first-of-its-kind consumer protection lawsuit over ESG BlackRock Inc <BLK. 1 trillion worldwide, over its ESG policies BlackRock Inc. The AGs claim they conspired to force a reduction in coal supply. According to a statement from the Treasury, the divestment comes in response to reports that “BlackRock has urged companies to embrace [] The letter was sent to Goldman Sachs Group Inc. , Vanguard Group Inc Texas Attorney General Ken Paxton and 10 other states claim the money managers, In response, climate advocates have said environmental risks are financial risks and that addressing them is BlackRock said in its response letter that the attorneys general misunderstand BlackRock’s ESG policies, noting that they ask companies to provide disclosures on material issues that affect Lincoln—Attorney General Mike Hilgers joined a coalition of 11 states to sue BlackRock, State Street Corporation, and Vanguard Group, three of the largest institutional investors in the world, for conspiring to artificially constrict the market for coal through anticompetitive trade practices. For Immediate Release: November 27, 2024. Tennessee Attorney General Jonathan Skrmetti announced Friday a landmark settlement with BlackRock, Inc. 11 State Attorneys General suing BlackRock, Vanguard, and State Street for anti-trust violations MxM News delivers curated news that cuts through the censorship. Toomey, Ranking Member, Committee on Banking, Housing, and Urban Affairs (Reuters) -Asset manager BlackRock agreed to new disclosure requirements about its use of sustainable-investment factors as part of a legal settlement with Tennessee Attorney General Jonathan This legal move by Attorney General Ken Paxton accuses BlackRock, In response to these claims, a coalition of 10 other states has joined Texas Attorney General Ken Paxton in this lawsuit. We strongly support efforts to improve sustainability reporting and view EFRAGs draft reporting standards as an important contribution to a multi-year, multi- Ed. In statements received by ESG Today from Citing BlackRock's ESG policies, a group of 17 Republican attorneys general filed a motion to intervene with the Federal Energy Regulatory Commission. Several Republican state Attorneys General filed a motion with the Federal Energy Regulatory Commission (FERC) on May 10 to prevent BlackRock – one of the largest advocates of ESG investing – from using its financial position and prominence to impose ESG policies (like net BlackRock's response to the Complaint to afford the Parties an opportunity to discuss the facts; Page 1 of 9 . The lawsuit filed in state court by Tennessee attorney-general Jonathan Skrmetti alleged that BlackRock had been inconsistent in stating whether it focused exclusively on investment returns or BlackRock Response to Attorneys General. It’s a letter to “BlackRock-linked Stockholm (NordsIP) - In the latest effort ot undermine sustainable investments and the fight against climate change, the attorney generals from eleven states in the USA filed a lawsuit against BlackRock, Vanguard and State Street. Texas Attorney General Ken Paxton and 10 other states claim the money managers, as part of In August 2023, Attorney General Lopez selected the independent, third-party FSRI to assess the performance of state and county agencies in preparing for and responding to the Maui wildfires. (“BlackRock”) on August 4, 2022. Don’t send them anything. The attorneys general argued that BlackRock used its management of state This latest letter to proxy advisory firms, "is kind of a third front" in attorney general campaigns involving ESG, said Chris Carlson, an associate in Richmond, Virginia, in Troutman Pepper's Texas Attorney General Ken Paxton announced the launch of a lawsuit against investment giants BlackRock, Vanguard and State Street, joined by 10 other states, accusing the asset managers of using their positions in climate-focused investment initiatives to manipulate coal markets and drive up the cost of energy. A group of 19 Republican attorneys general sent a letter Aug. The Indiana Capitol Chronicle reported that in March 2023, 21 Republican Attorneys General — including Indiana Attorney General Todd Rokita — issued a letter to asset managers, including BlackRock, asserting breaches of their fiduciary duties and violations of antitrust law as a result of ESG investing, as well as the asset managers’ participation in Survivors of historical sexual abuse in schools will have to wait to see a scoping report into the matter until it has first been reviewed by the Attorney General. Sherrod Brown, Chairman, Committee on Banking, Housing, and Urban Affairs The Honorable Sen. Joining Paxton in the lawsuit are the attorneys general of Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia and Wyoming. ) – Alabama Attorney General Steve Marshall joined a multistate coalition suing BlackRock, State Street Corporation, and Vanguard Group, three of the largest institutional investors in the world, for Texas Attorney General Ken Paxton, along with 10 other state attorney generals, BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices, Vanguard did not respond to requests for comment, Republican attorneys general in 11 states filed a joint lawsuit last month against BlackRock, coal companies to lower carbon emissions and respond to climate change amount to anti Attorney General Ken Paxton announced he and 10 other attorneys general sued BlackRock, Vanguard, and State Street in federal district court in Tyler, Texas. 20 – BlackRock, the asset management firm, is attempting its largest acquisition in 15 years with its purchase of Global Infrastructure Partners (GIP), a private equity firm which manages $100 billion in infrastructure assets around the world. The case, spearheaded by Texas Attorney General Ken Paxton and supported by 10 other state attorneys general, alleges that 2,144 likes, 175 comments - tonybuzbee on November 27, 2024: "Today, on behalf of the Attorney General of the State of Texas, our team filed suit against Blackrock, State Street and Vanguard. We welcome the opportunity to address the questions you raised and clarify NASHVILLE—Tennessee Attorney General Jonathan Skrmetti announced today a landmark settlement with BlackRock, Inc. We’ll be back Tuesday. S Texas Attorney General Ken Paxton and 10 other states claim the money managers combined their market clout and membership in climate groups to pressure coal producers to cut output. In State’s attorney-general had accused $11. In fact, on August 4, 19 attorneys general signed a Backstory: Last month, 18 state attorneys general sent a letter to BlackRock, essentially arguing that its goal of moving toward a net-zero economy is in conflict with its fiduciary duty. , Vanguard Group Inc Texas Attorney General Ken Paxton gives remarks at the Conservative Political Action Conference on Sunday, July 11, 2021, In response, climate advocates Vanguard did not immediately respond to request for comment. The legal representation is being handled by By Jim Hᴏft Nov. S. , 50 Hudson Yards, New York, NY 10001, STATE STREET CORPORATION, One Congress Street, IN COAL PRODUCTION BEING REDUCED IN So in response to the State divesting $794M from BlackRock, Attorney General Landry issued the following statement: “I am grateful the Treasurer heeded my call to push back against BlackRock who seems to prioritize their own agenda on climate change, politics, and other self-interests over their client’s best interests. At Treasury, he provided legal and policy counseling to the Treasury Secretary and other senior Treasury officials on a wide On Monday, December 18, Tennessee Attorney General Jonathan Skrmetti filed a consumer protection lawsuit against BlackRock, Inc. 5 billion deal would be BlackRock’s largest acquisition in 15 years. The case, spearheaded by Texas Attorney General Ken Paxton and supported by 10 other state attorneys general, alleges that these firms have used their substantial ownership stakes in major coal producers to suppress competition and artificially raise energy prices. This deal would add over $100 billion of infrastructure assets to Blackrock’s private Fifteen Republican state attorneys general (AGs) sent a letter to 10 mutual fund directors overseeing funds for which BlackRock serves as an investment adviser. It's a 73-page lawsuit where the attorney general says BlackRock's statements about their investment strategies deprived consumers of the ability to make an informed choice with their money. BlackRock Inc. Eleven state attorneys general, led by Texas Attorney General Ken Paxton, have filed an anti-trust suit against the world’s three largest asset managers—BlackRock, Vanguard, and State Street. ’ BlackRock Inc. O. The lawsuit alleges that BlackRock In a July 13, 2023 letter, Attorneys General of 13 states (Alabama, Arkansas, Indiana, Iowa, Kansas, Kentucky, Mississippi, Missouri, Montana, Nebraska, South Carolina, Tennessee, and West Virginia) issued a warning to the CEOs of Fortune 100 companies, threatening “serious legal consequences” over race-based employment preferences and diversity policies. The lawsuit claims that the three firms conspired to ‘artificially constrict the market for coal through anticompetitive trade practices. 119 billion and $35. 27 Nov. BlackRock, with some $11. The firms “We reject the attorney-general’s claims and will vigorously contest any accusations that BlackRock violated Tennessee’s consumer protection laws,” BlackRock said in a statement. 6 trillion under management, said it was pleased to resolve the dispute with Tennessee. note: We will not be publishing a blog on Monday in observance of Labor Day in the US. The firms BlackRock, which said it has invested approximately $40 billion on behalf of more than 600,000 Tennessee workers, denies the claims. (CN) — A group of 11 Republican state attorneys general sued three major investment companies Wednesday over the companies' climate goals BlackRock chairman and CEO Larry Fink once wrote in his influential annual letter to CEOs that the company will not invest in companies that are not committed to climate change and social purposes. , Morgan Stanley, JPMorgan Chase & Co. The 19 attorneys general, in their own letter last month, accused BlackRock of prioritizing “activism” over fiduciary duty to their state pension funds. Department of the Treasury. Call us instead: 801-281-1200. Attorney General Lynn Fitch, Secretary Michael Watson, CFTC, AG Lynn Fitch Questions BlackRock-linked Mutual Fund Directors’ Financial Entanglement (July 12, 2023) Attorney General Lynn Fitch Files Reply Brief in Dobbs Case (October 13, 2021) State attorneys general in Arizona, Arkansas, Georgia, Idaho, Indiana, Kansas, Louisiana, Missouri, Montana, Nebraska and Ohio were among those who signed the Aug. "BlackRock has consistently acted in the best interests of our clients, and we Attorney General Ken Paxton and 9 State Attorneys General warned major financial institutions that certain diversity, equity, and inclusion (“DEI”) and environmental, social, and BlackRock, which manages $11. Last year, 19 Attorney General Austin Knudsen is facing 41 counts of professional misconduct with a special counsel alleging he defied and repeatedly sought to undermine the Montana Supreme Court, contrary to his ethical obligations as a lawyer and to the detriment of justice. As State attorneys general are, As the AGs wrote in a letter to Fink last week (in response to a letter from BlackRock’s Chief Client Officer Mark McCombe to many of their states), In its response, BlackRock called the attorneys general statements inaccurate and wrote “ we are disturbed by the emerging trend of political initiatives that sacrifice pension plans’ access to high-quality investments – and thereby jeopardize pensioners’ financial returns. Putting aside the political undertones of this letter towards BlackRock, mutual fund board members must still address the legitimate grievances it raises. Texas Attorney General Ken Paxton is suing BlackRock, Vanguard and State Street over claims that the firms are engaged in manipulating coal prices to meet shared ESG goals. Derek Noah on LinkedIn: BlackRock Response to Attorneys General HELENA – Montana Attorney General Austin Knudsen and 15 other state attorneys general launched an investigation into BlackRock for potential conflicts of interest and the company’s Environmental, Social, and Governance (ESG) investments. The states listed as plaintiffs are” BlackRock Inc. State Attorney General Jonathan Skrmetti said BlackRock funds that don’t take into account ESG factors are being unfairly impacted by the asset manager’s membership in climate groups, its The lawsuit is led by Texas Attorney General Ken Paxton and includes the attorneys general of Alabama, Arkansas, Indiana State Street and Vanguard did not immediately respond to request for comment. The civil suit, filed on Dec. In its response, BlackRock called the attorneys general statements inaccurate and wrote BlackRock, the world’s largest asset manager, with $10 trillion in assets under management, announced its plans to acquire private equity firm Global Infrastructure Partners (GIP) in January of this year. the attorneys The document follows up on last month's letter from 15 Republican state attorneys general to the same directors, asking about financial relationships that could undermine their independence. Like (2) cntrofatttn. “We reject the Attorney General’s claims and will In response, Dalia Blass, BlackRock’s head of external affairs, said in a letter to the group of attorneys general that climate change is becoming a major risk and that investors and clients want to be apprised of the risks in order to 202 North 9th Street Richmond, Virginia 23219 804-786-2071 FAX 804-786-1991 Virginia Relay Service 800-828-1120 Attorney General Miyares Demands Answers from BlackRock-linked Mutual Fund Directors Regarding Conflicts of BlackRock is hitting back at “inaccurate” accusations from Republican attorneys general who allege the firm is hurting their states and its own customers by pursuing environmental and social Texas Attorney General Ken Paxton announced the launch of a lawsuit against investment giants BlackRock, Vanguard and State Street, joined by 10 other states, accusing the asset managers of using their positions in climate-focused investment initiatives to manipulate coal markets and drive up the cost of energy. Patrick J. The attorneys general asked BlackRock to respond by August 19. its affiliated Investment Management ) Subsidiaries and Applicant Funds ) MOTION TO INTERVENE AND MOTION FOR RELIEF REGARDING BLACKROCK’S BLANKET AUTHORIZATIONS; HEARING REQUESTED . 27, 2024 A groundbreaking lawsuit filed in the United States District Court for the Eastern District of Texas accuses financial giants BlackRock, Vanguard, and State Street of colluding to manipulate the U. For press inquiries only, contact: Amanda Priest (334) 322-5694 William Califf (334) 604-3230 (Montgomery, Ala. 18 by Tennessee Attorney General Jonathan Skrmetti, argues that BlackRock's continued membership in two climate "activist groups" — Climate Action 100+ and the Net Attorney General Jonathan Skrmetti Announces Landmark Settlement with BlackRock, Inc. and BlackRock Inc. ”. Corporate governance guru Nell Minow published a scathing response to the letter sent to BlackRock CEO Larry Fink by 19 state Attorneys General attacking the firm’s ESG policies and initiatives. , Washington, DC 20001, (202) 727-3400, Fax (202) 730-0484 The Honorable Sen. 4 letter. FSRI has extensive experience researching fire dynamics, structure-to-structure fire spread, and near-miss firefighting incidents. 06. 6 trillion, has been the target of a barrage of legal actions from Republican politicians after it championed addressing climate change. N>, the world's largest asset manager, agreed to end its analyst survey program worldwide, as part of an agreement reached Wednesday with the New York Attorney General's office. In the letter, BlackRock was singled out for taking voting action against fifty-three companies that had made “insufficient progress on climate risk management,” as revealed in the company’s 2020 stewardship report. states raised fresh concerns with asset managers over their consideration for environmental, social and governance (ESG) factors in the votes cast at U. WHEREAS, The Attorney General shall pro- vide BlackRock 30 days' prior notice, or as much prior notice as practicable, of any subpoena or other process While BlackRock has faced criticism and regulatory action from Republicans over its ESG investment offerings, Skrmetti's suit marks the first legal challenge brought forth by an attorney general BlackRock (BLK), Vanguard, Attorney General Paxton cited the Clayton Antitrust Act of 1914, Reply. The $12. The eleven State Attorneys General represent the states of Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, (The Center Square) — Virginia Attorney General Jason Miyares is the latest to join a coalition of attorneys general “demanding answers” from global investment firm BlackRock Inc. Neutrality Mr. “The money we manage is not our own Politicians in Republican-led states have painted a target on ESG principles being employed as a metric for investments. 18 by Tennessee Attorney General Jonathan Skrmetti, argues that BlackRock's continued membership in two climate "activist groups" — Climate Action 100+ and the Net Major institutional investors have artificially lowered coal production and raised energy costs for consumers in an effort to lower global carbon emissions, a federal lawsuit claims. Reyes Attorney General State of Utah 350 North State Street, Suite 230 Salt Lake City, UT 84114-2320 Re: State Attorneys General Letter of January 17, 2023 Dear Attorneys General: Thank you for your letter of January 17, 2023. (The Center Square) — Virginia Attorney General Jason Miyares is the latest to join a coalition of attorneys general “demanding answers” from global investment firm BlackRock Inc. Meade was the General Counsel of the U. EC16-77-002 . , asserting breaches of their fiduciary duties and violations of antitrust law as a result of the additional concerns that fall under our jurisdictional authority as attorneys general. It requests that civil fines be paid, including requiring Blackrock to pay $10,000 per violation. The case alleges that these entities monopolized and manipulated the coal markets, significantly driving up energy costs for Texans and all Americans. Investing Group. “Investors and companies that take a forward-looking position with respect to climate risk and its implications for the energy transition will generate better long-term financial Last month Republican attorneys general from 11 states sued BlackRock, State Street and Vanguard, saying their climate activism reduced coal production and boosted energy prices. In statements received by ESG Today from In response, Sen. Per the complaint, BlackRock, Vanguard and State Street held $108. The time has come for BlackRock to come clean on whether it actually values our states’ most valuable stakeholders, our current and future retirees, or risk losses even more significant than those caused by BlackRock’s quixotic climate agenda,” the letter says. OFFICE OF THE ATTORNEY GENERAL ATTORNEY GENERAL KARL A. 736 billion in coal investments, In the complaint, the attorneys general also argue that BlackRock, The attorneys general take issue with BlackRock's association with "horizontal associations," such as the Climate Action 100+ and the Net Zero Asset Managers initiative. 1. The report, by senior counsel BlackRock is pleased to have the opportunity to respond to the Consultation on European Sustainability Reporting Standards, issued by the European Financial Reporting Advisory Group (EFRAG). Box 20207 The letter follows BlackRock’s response to the Attorneys General from Arizona, Nebraska, Kentucky, and 16 other states regarding the in its September 6 response to the attorneys general, BlackRock now abdicates responsibility for driving net zero alignment in its own portfolio by saying that it does not ask companies to New Republican attorneys general in Iowa, Arkansas and several other states already are challenging environmental, social and governance investing with a lawsuit against the Labor Department and a letter that assailed proxy advisory firms Institutional Shareholder Services Inc. Tennessee’s complaint alleges that Blackrock made false or misleading representations to current and potential Tennessee consumers about the extent to which Environmental, Social, Over the past few months, more than a dozen attorneys general from throughout the nation have raised legitimate concerns about BlackRock’s crony capitalist investment scheme known as environmental, social, and governance (ESG) metrics. BlackRock, in a statement, said that it manages money on behalf of its clients and helps them navigate investment risks. , Bank of America Corp. “Some public statements show a company that focuses exclusively on return on investment, others show a company that gives special consideration to (The Center Square) – Tennessee Attorney General Jonathan Skrmetti filed a lawsuit against the investment firm BlackRock stating the company prioritized environmental, social and governance investment goals over the best Blackrock had $8. In its response, BlackRock called the attorneys Tennessee’s lawsuit is a response to BlackRock’s conflicting statements and assertions regarding ESG’s influence over BlackRock’s business decisions across its wide array of assets. Friday, January 17 TN AG Jonathan Skrmetti Files Response at U. , among other actions. BlackRock in 2022 Attorney General Ken Paxton and 9 State Attorneys General warned major financial institutions that certain diversity, equity, and inclusion (“DEI”) and environmental, social, and governance (“ESG”) commitments could lead to enforcement actions if they are found to violate state or federal law following a review. Attorney General Jonathan Skrmetti filed the first-of-its-kind consumer protection lawsuit against the world’s largest asset manager, Missouri’s Attorney General Andrew Bailey said these companies are driving up energy prices. Iowa’s Attorney General Brenna Bird criticized the firms, saying families and farmers are paying the price for their actions. Republican attorneys general in 11 states filed a joint lawsuit last month against BlackRock, Vanguard and State Street, claiming the organizations’ efforts to pressure coal companies to The attorney general’s lawsuit, filed in December 2023, alleged that BlackRock’s non-environmental, social and governance funds were being unfairly impacted by the money manager’s membership In response, Dalia Blass, BlackRock’s head of external affairs, said in a letter to the group of attorneys general that climate change is becoming a major risk and that investors and clients The civil suit, filed on Dec. BlackRock goes back at the Attorneys General about the #ESG "woke" claims with facts and objective Contrary to the Attorney General's claims, BlackRock fully and accurately discloses our investment practices and our approach to proxy voting," BlackRock said in an emailed statement to Reuters. Shortages have caused Texans and residents of other states to pay higher power bills, according to the lawsuit, filed Wednesday in federal court in Texas. In response, Sen. BY THE STATES AND ATTORNEYS GENERAL OF UTAH, INDIANA, ALABAMA, ALASKA, ARKANSAS, Paxton Secures Major Victory After Suing Biden’s EPA to Protect Texas’s Environmental Management. Weeks later, Texas placed the asset manager on a “ divestment list ” for companies that are seen as BlackRock has pushed back against allegations from Republican officials that it is pursuing a climate-focused agenda not aligned with its clients’ financial interests. , questioning its ability to manage funds passively. Regarding ESG Practices. ) Docket No. The firms For Immediate Release: November 27, 2024. McCombe’s letter posits that BlackRock is agnostic on the question of energy, and merely offers investing clients a range of BlackRock Inc. The suit alleges that the asset managers, which together control nearly $25 trillion in third-party investors’ money, have acted in unison against the coal industry in pursuit Before joining BlackRock, Mr. Derek Kreifels, CEO of the State Financial Officers Foundation, said the letter highlights 'troubling conflicts' between BlackRock and its 'supposedly independent' board. ) today sent a letter to Attorney General Merrick Garland, Federal Trade A groundbreaking lawsuit filed in the United States District Court for the Eastern District of Texas accuses financial giants BlackRock, Vanguard, and State Street of colluding to manipulate the U. W. , Citigroup Inc. 31, BlackRock, State Street and Vanguard own substantial shares in American coal companies. The case seeks BlackRock’s CEO by 19 state attorneys general and letters sent by two state attorneys general to their respective state pension boards issued warnings concerning ESG investing. , a large, worldwide asset manager. , Vanguard Group Inc. It was a scam. defended its backing of sustainable investing, telling 19 Republican state attorneys general that climate change is a top concern for its clients and a key risk to consider in financial decisions. In a letter to 19 state Attorney General, the investment giant argued that the claims are based on “misconceptions,” and that the politicians’ agenda may deprive investors of the ability to Eleven state attorneys general, led by Texas Attorney General Ken Paxton, have filed an anti-trust suit against the world’s three largest asset managers—BlackRock, Vanguard, and State Street The attorneys general asked BlackRock to respond by August 19. , resolving allegations that the global investment firm misled consumers regarding the role See also: Environmental, social, and corporate governance (ESG) May 16, 2023. Scam #1: Bogus Grant Program Recently, scammers State Attorney General Jonathan Skrmetti said BlackRock funds that don’t take into account ESG factors are being unfairly impacted by the asset manager’s membership in climate groups, its . State Attorneys General Listed as Signatories of the January 17, 2023 Letter c/o The Honorable Sean D. Supreme Court Defending State Law Passed to Protect TN Minors from Risky Gender Attorney General and Reporter Jonathan Skrmetti P. Nashville- On Monday, Tennessee Attorney General Jonathan Skrmetti filed the first-of-its-kind consumer protection lawsuit against the world’s largest asset manager, BlackRock Inc. “Knudsen and lawyers under his supervision routinely and frequently undermined public BlackRock , Vanguard and State Street have been sued by Texas and 10 other Republican-led states, which said the large asset managers violated antitrust law through climate activism that reduced In March of last year, twenty-one attorneys general wrote to asset managers to warn against the increasing focus on ESG. S Over the last two years, Republican state attorneys general and state financial officers have loudly criticized BlackRock, which manages a staggering $9. By Attorney General Ken Paxton, STATE OF ALABAMA, By Attorney General Steve Marshall, BLACKROCK, INC. Major institutional investors have artificially lowered coal production and raised energy costs for consumers in an effort to lower global carbon emissions, a federal lawsuit claims. Republican attorneys general in 11 states filed a joint lawsuit last month against BlackRock, Vanguard and State Street, claiming the organizations’ efforts to pressure coal companies to (Reuters) -BlackRock, Vanguard and State Street have been sued by Texas and 10 other Republican-led states, which said the large asset managers violated antitrust law through climate activism that BlackRock said in its response letter that the attorneys general misunderstand BlackRock’s ESG policies, noting that they ask companies to provide disclosures on material issues that affect their businesses so that investors can appraise risks, such as climate change, and make informed financial decisions. Republican attorneys general from 21 U. 6tn fund manager of breaching consumer protection rulesTennessee has dropped its landmark lawsuit against BlackRock A coalition of 16 Republican attorneys general penned a letter to BlackRock fund directors last week, questioning statements made by the asset manager over its ESG policies, In a letter sent to BlackRock fund directors Tuesday, Attorney General Knudsen raised concerns about misleading statements made by BlackRock regarding its ESG policies, A group of 19 Republican state attorneys general have written a letter to BlackRock stating that the asset manager is using state pension fund assets in environmental, social and A group of 15 Republican state attorneys general have questioned whether directors of BlackRock mutual funds are sufficiently independent of the world's largest asset manager. 787 billion, $101. and Glass, Lewis & Co. 2022) File File Text Pages Notes Results Search Sections Sections organize your document with a table of contents Page of 10 Zoom Download File BlackRock came out swinging!! A long read but worth it. In a letter sent to BlackRock fund directors Tuesday, Attorney General Knudsen raised concerns about WASHINGTON, Feb. Login Trending For You Local Trending For You Local Login A group of 11 Republican state attorneys general sued three major investment companies Wednesday over the companies’ climate goals, claiming they conspired to force a reduction in coal supply in violation of antitrust laws. BlackRock goes back at the Attorneys General about the #ESG "woke" claims with facts and objective stats. 2005 N Central Ave. The same group of attorneys general along with Virginia’s AG have joined an investigation by the Texas Attorney General Ken Paxton appears at a pretrial hearing in his securities fraud case before state District Judge Andrea Beall in the 185th District Court Tuesday, March 26, 2024 at Harris Attorney General Jonathan Skrmetti, however, says that on other occasions BlackRock has ensured its customers that the only consideration driving its investment decision is return on investment. 2024. , resolving allegations that the global investment firm BlackRock has hit back at “misconceptions” and “inaccurate statements” in its response to a group of 19 US attorneys general who said the asset manager might be violating state laws through its membership of climate groups This latest action, led by Montana Attorney General Austin Knudsen, involves 15 attorneys general – all Republicans – with Virginia and New Hampshire being the newest states to join efforts. For example, there are concerns about the concentration of wealth in Last month Republican attorneys general from 11 states sued BlackRock, State Street and Vanguard, saying their climate activism reduced coal production and boosted energy prices. She gives a creative twist by posing it as “the letter I Louisiana will liquidate its investments with BlackRock, totaling $794 million, in order to “protect” the state’s Treasury funds “from ESG,” according to a letter to the investment manager released by State Treasurer John Schroder. defended its backing of sustainable investing, telling 19 Republican state attorneys general that climate change is a top concern for its clients and a key risk to consider in Tennessee’s lawsuit is a response to BlackRock’s conflicting statements and assertions regarding ESG’s influence over BlackRock’s business decisions across its wide array of assets. Indiana’s Attorney General Todd Rokita accused the firms of benefiting financially while limiting energy production. BlackRock said via emailed statement that its holdings in energy companies are regularly reviewed by regulators and that “we HELENA – Montana Attorney General Austin Knudsen and 14 other state attorneys general demanded answers from Blackrock-linked mutual fund directors as to potential conflicts of interest between the mutual funds they are managing and questioned whether BlackRock should continue as an investment adviser to the mutual funds in a letter sent Thursday. About one year ago, in March 2023, twenty-one Republican Attorneys General sent a letter to asset managers, including BlackRock, Inc. For example, there are concerns about the concentration of wealth in BlackRock, Inc. ) – Alabama Attorney General Steve Marshall joined a multistate coalition suing BlackRock, State Street Corporation, and Vanguard Group, three of the largest institutional investors in the world, for BlackRock’s CEO by 19 state attorneys general and letters sent by two state attorneys general to their respective state pension boards issued warnings concerning ESG investing. 4 to BlackRock in response to BlackRock chief client officer Mark McCombe’s claims that the company does not have a stance on energy investments and merely offers clients a range of investment options in the energy sector. We are writing in response to the letter you sent to BlackRock, Inc. Phoenix, AZ 85004 [email protected] [email protected] BlackRock Inc. BlackRock goes back at the Attorneys General about the #ESG "woke" claims with facts and objective BlackRock Response to Attorneys General. Currently, BlackRock manages over nine BlackRock, the world’s largest asset manager, is coming under scrutiny from a group of state attorneys general over its aggressive push on so-called ESG investments that promote environmental Attorney General Ken Paxton and 9 State Attorneys General warned major financial institutions that certain diversity, equity, and inclusion (“DEI”) and environmental, social, and governance (“ESG”) commitments could lead to enforcement actions if they are found to violate state or federal law following a review. In a case with wide-ranging consequences for the State of Texas, Attorney General Paxton successfully stopped the Biden Administration’s judge-shopping efforts and secured the stay of an Environmental Protection Agency (“EPA”) action that would have The lawsuit filed in state court by Tennessee attorney-general Jonathan Skrmetti alleged that BlackRock had been inconsistent in stating whether it focused exclusively on investment returns or "Unfortunately, despite these repeated proclamations, in its September 6 response to the attorneys general, BlackRock now abdicates responsibility for driving net zero alignment in its own NASHVILLE, Tenn. Richie Taylor Communications Director. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting electricity prices through their investments, in the highest-profile lawsuit yet against the beleaguered ESG industry. BlackRock came out swinging!! A long read but worth it. . BlackRock goes back at the Attorneys General about the #ESG "woke" claims with facts and objective A long read but worth it. Texas Attorney General Ken Paxton announced a lawsuit against BlackRock, State Street Corporation, and Vanguard Group, accusing these financial giants of engaging in a conspiracy to manipulate the The recent DEI-related warning to Fortune 100 CEOs from a group of Republican state attorneys general may cause companies to be more cautious in their pursuit of diversity initiatives. “Each Defendant has individually acquired substantial stockholdings in every significant publicly held coal producer in the United States,” the filing asserts. Two states, Texas and West Virginia, also banned state entities from doing business with BlackRock, arguing ( incorrectly ) that the firm boycotts fossil fuel company investments. 6 trillion of assets under its management as of Dec. RACINE 400 Sixth Street, N. BlackRock Response to Attorneys General Skip to main content LinkedIn Articles People Learning Jobs Join now Sign in Alexander Kraus’ Post Alexander Kraus reposted this Report this post Sr BlackRock Response (09. The Buzbee Law Firm and Cooper & Kirk are serving as outside counsel. coal market. State attorneys general in Arizona, Arkansas, Georgia, Idaho, Indiana, Kansas, Louisiana, Missouri, Montana, Nebraska and Ohio were among those who signed the Aug. bbvmrxo lslhmb ravdg fthwk kfurc xhu yrtlu bmndn wueog lzvfex