Case Description
Thirteen attorneys general brought an antitrust action against three institutional investors – BlackRock, State Street, and Vanguard Group. The lawsuit alleges that defendants used their acquisition of stock to reduce competition in coal markets in violation of Section 7 of the Clayton Act and state antitrust laws and that defendants agreed amongst themselves to reduce output of coal in violation of Section 1 of the Sherman Act and state antitrust laws. Additionally, some states allege that BlackRock made deceptive statements about the attributes of financial products it marketed to investors in violation of consumer protection laws.
