Indiana Attorney General Todd Rokita has initiated legal action against major asset managers BlackRock, State Street, and Vanguard. The lawsuit claims these companies are illegally conspiring to manipulate energy markets, particularly affecting coal production.
Attorney General Rokita stated, “We’re taking on very powerful forces arrayed against the interests of everyday working Hoosiers.” He emphasized the importance of coal in Indiana's economy and accused the companies of benefiting from increased electricity prices by controlling production.
The lawsuit targets ESG investing practices—focusing on environmental, social, and governance issues—that allegedly prioritize goals like climate change mitigation over maximizing investor returns. The complaint asserts that America's coal producers have been influenced by these firms rather than market signals over the past four years.
Alongside 10 other fossil fuel-producing states, Indiana seeks to hold BlackRock accountable for purportedly manipulating policies through their significant stockholdings in major U.S. coal producers. The complaint accuses them of using market power to enforce policies aligned with socialist and Leftist ideologies.
A headshot of Attorney General Rokita is available online.