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(The Center Square) – Eleven states, led by Texas, have sued the three largest institutional investors in the world for allegedly conspiring to buy coal company stocks to control the market, reduce competition and violate federal and state antitrust laws. The lawsuit was filed in U.S. District Court for the Eastern District of Texas Tyler Division and demands a trial by jury. It names as defendants BlackRock, Inc., State Street Corporation, and Vanguard Group, Inc., which combined manage more than $26 trillion in assets. The companies were sued for “acquiring substantial stockholdings in every significant publicly held coal producer in the United States” in order to gain “power to control the policies of the coal companies,” Texas Attorney General Ken Paxton said. According to the 109-page brief , defendants own 30.43% of Peabody Energy, 34.19% of Arch Resources, 10.85% of NACCO Industries, 28.97% of CONSOL Energy, 29.7% of Alpha Metallurgical Resources, 24.94% of Vistra Energy, 8.3% of Hallador Energy, 31.62% of Warrior Met Coal and 32.87% of Black Hills Corporation. Under the Biden administration, in the past four years, “America’s coal producers have been responding not to the price signals of the free market, but to the commands of Larry Fink, BlackRock’s chairman and CEO, and his fellow asset managers,” the brief states. “As demand for the electricity Americans need to heat their homes and power their businesses has gone up, the supply of the coal used to generate that electricity has been artificially depressed – and the price has skyrocketed. Defendants have reaped the rewards of higher returns, higher fees, and higher profits, while American consumers have paid the price in higher utility bills and higher costs.” Consumer costs went up because the companies “weaponized” their shares to push through a so-called green energy agenda, including reducing coal output by more than half by 2030, the lawsuit alleges. In response, publicly traded coal producers reduced output and energy prices skyrocketed. The companies advanced their policies primarily through two programs, the Climate Action 100 and Net Zero Asset Managers Initiative, signaling “their mutual intent to reduce the output of thermal coal, which predictably increased the cost of electricity for Americans” nationwide, Paxton said. The firms also allegedly deceived thousands of investors “who elected to invest in non-ESG funds to maximize their profits,” Paxton said. “Yet these funds pursued ESG strategies notwithstanding the defendants’ representations to the contrary.” While they allegedly directly restrained competition among the companies whose shares they acquired, “their war on competition has consequences for the entire industry,” the brief states. “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,” Paxton said. “Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of state and federal law.” The lawsuit alleges the companies’ actions violated the Clayton Act, which prohibits any acquisition of stock where “the effect of such acquisition may be substantially to lessen competition;” and the Sherman Antitrust Act of 1890, 15 U.S.C. § 1 in a conspiracy to restrain trade. It also alleges the companies violated state antitrust laws of Texas, Montana and West Virginia; Blackrock also allegedly violated the Texas Business and Commerce Code by committing “false, deceptive, or misleading acts.” It asks the court to rule that the companies violated the federal and state statutes, provide injunctive and equitable relief and prohibit them from engaging in such acts. It requests that civil fines be paid, including requiring Blackrock to pay $10,000 per violation. Joining Paxton in the lawsuit are the attorneys general of Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia and Wyoming. The Buzbee Law Firm and Cooper & Kirk are serving as outside counsel. The companies have yet to issue a statement on the lawsuit. The lawsuit follows one filed by 25 states led by Texas against the Biden administration asking the court to halt a federal ESG policy that could negatively impact the retirement savings of 152 million Americans. It also comes after Texas has listed hundreds of companies and publicly traded investment funds, including Blackrock, on its divestment list for advancing ESG and anti-oil and natural gas policies.Environment Minister Inaugurates 'International Dates Conference and Exhibition' in RiyadhDrag Queen story-time target of another threat
Why it’s so hard to create a truly recyclable Keurig coffee podHARARE – Zimbabwe’s capital markets are undergoing significant transformation, with efforts to address low liquidity, regulatory hurdles, and economic instability paving the way for potential growth. The introduction of the Zimbabwe Gold (ZiG) currency and initiatives to engage international creditors have set the stage for stability and expansion. Market analysts believe that a strategic approach is necessary to stimulate the country’s capital markets in 2025. Business analyst Kudakwashe Mundowozi highlighted the importance of enhancing liquidity through new financial instruments, streamlining regulations, and implementing investor education programs. He also emphasised the need for sustainable investment promotion and a green financing framework to attract socially responsible investors in line with global trends. Fostering public-private partnerships and encouraging foreign direct investment through policy stability and tax incentives are considered critical for long-term growth. By addressing these issues, Zimbabwe can build a more vibrant and resilient capital market. The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) are seen as key platforms for driving investment and contributing to the country’s economic development. Investment analyst Enock Rukarwa noted that the introduction of ZiG had brought relative stability, shifting stock market activity from flat to a bullish trend in late 2024. However, he pointed out challenges such as the discontinuation of foreign currency settlements, which had briefly improved liquidity. Liquidity, market depth, and size remain areas of concern, with analysts linking these variables to broader macroeconomic dynamics. Improved economic conditions, they argue, would boost confidence and activity in the stock market. Financial analyst Malone Gwadu observed that ZSE served as a haven for investors during periods of volatility, particularly in early 2024, as a hedge against exchange rate losses. However, he identified inflation and exchange rate volatility as systemic threats to market confidence and growth. To encourage market participation, Mr Mundowozi proposed tax incentives for companies listing on the ZSE, citing successful examples from Rwanda and Ireland. He also suggested adopting a fast-track listing process, similar to the Johannesburg Stock Exchange, to attract foreign companies and diversify the investor base. Finance Minister Mthuli Ncube announced plans to further incentivise market activity on the VFEX, which has been hindered by low trading volumes. As part of the 2025 national budget, the Government will reduce capital gains withholding tax on marketable securities on the ZSE, effective January 1, 2025. ZSE Chief Executive Justin Bgoni welcomed the tax reduction, stating it would increase liquidity, attract more investors, and enhance overall market efficiency. Lower taxes could also improve price discovery and make Zimbabwe’s investment landscape more appealing to foreign investors. As these measures take shape, Zimbabwe’s capital markets are expected to play a pivotal role in driving economic growth and attracting both domestic and international investors in the coming years.