U.S. Department of Justice Antitrust Update

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Justice Department and Federal Trade Commission File Statement of Interest on Anticompetitive Uses of Common Shareholdings to Discourage Coal Production

05/22/2025 08:00 AM EDT

Today, the Justice Department, joined by the Federal Trade Commission (the "Agencies") filed a statement of interest in the Eastern District of Texas in the case of Texas et al. v. BlackRock, Inc. The States' lawsuit—led by the Texas Attorney General—alleges that BlackRock, State Street, and Vanguard used their management of stock in competing coal companies to induce reductions in output, resulting in higher energy prices for American consumers. This is the first formal statement by the Agencies in federal court on the antitrust implications of common shareholdings.

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