DOJ weighs joining antitrust suit against BlackRock

The US Department of Justice is actively evaluating whether to join a state antitrust lawsuit against BlackRock and State Street, according to a report from Bloomberg on 18 September 2026. Senior antitrust officials have held discussions in recent weeks with state attorneys general and representatives from both asset managers. The federal government has not made a final decision on entering the case.

The lawsuit originated in late 2024, led by Texas alongside 12 other state attorneys general. The states claim that the asset managers used their market scale and climate coalition ties to restrict coal production and artificially raise regional energy prices. The challenge marks one of the most prominent legal actions against environmental, social, and governance (ESG) investment strategies.

The Justice Department and the Federal Trade Commission previously filed a joint statement of interest in May 2025, stating that the alleged conduct would violate antitrust rules if proven. In August 2025, a federal judge allowed the lawsuit to advance against BlackRock and State Street, opening the door for legal discovery into proxy voting practices and corporate engagement.

Vanguard was initially named as a co-defendant in the legal action. The firm resolved its role in February by agreeing to pay a $29.5 million settlement and limit ESG goals across portfolios, while denying all allegations in the case.