Texas is leading a group of eleven U.S. states in filing a landmark lawsuit against investment giants pushing the globalist green agenda at the expense of the American people.
Led by Republican Texas Attorney General Ken Paxton, the lawsuit is filed against financial heavyweights BlackRock, Vanguard, and State Street.
The financial firms are accused of conspiring to manipulate the fossil fuel market and impose the climate agenda of the World Economic Forum (WEF).
All three firms have deep ties to the WEF.
BlackRock CEO and founer Larry Fink is a member of the World Economic Forum (WEF) board.
Vanguard CEO Salim Ramji is a former BlackRock executive who is featured on the WEF’s “The Bid” podcast.
State Street CEO Ronald P. O’Hanley is listed as an “agenda contributor” at the WEF.
Over several years, the three asset managers acquired substantial stockholdings in every significant publicly held coal producer in the United States.
The move has given the financial firms power to control the policies of the coal companies.
The lawsuit notes that their actions have driven up energy prices and violated state and federal laws.
“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda,” said Paxton in a statement.
“BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices.”
The complaint was filed on November 27.
It alleges that the three firms, among the largest asset managers in the world, used their collective influence to pressure coal producers into cutting production by over 50% by 2030.
According to the filing, this effort was coordinated through WEF and United Nations-linked initiatives like ”Climate Action 100+” and the ”Net Zero Asset Managers Initiative.”
“The defendants have weaponized their market dominance to undermine coal production and deceptively influence publicly traded coal companies to meet their climate objectives,” the filing asserts.
“In doing so, they have caused economic harm to millions of Americans by driving up energy costs and limiting energy choices.”
The lawsuit further accuses the firms of deceiving investors by applying Environmental, Social, and Governance (ESG) principles to unrelated funds.
“This is a direct violation of the trust investors place in their asset managers,” the filing claims.
Texas in this legal challenge by ten other Republican-led states.
Those states joining Texas are:
- Alabama
- Arkansas
- Indiana
- Iowa
- Kansas
- Missouri
- Montana
- Nebraska
- West Virginia
- Wyoming
The plaintiffs seek punitive and compensatory damages, along with injunctive relief to prevent further anticompetitive practices.
This lawsuit represents the most significant pushback yet against the growing influence of ESG investing.
It comes amid broader efforts to combat what many view as the imposition of progressive agendas through financial and corporate governance.
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