BlackRock, Vanguard Fight High-Stakes Texas Collusion Case

The world’s largest asset managers urged a federal judge in Texas to dismiss a lawsuit brought by Republican state attorneys general claiming they colluded to reduce coal output, in a case that threatens how US firms oversee trillions of dollars.

Lawyers for BlackRock Inc., Vanguard Group Inc. and the asset management arm of State Street Corp. argued at a hearing Monday that the lawsuit lacked sufficient evidence and that the firms did nothing to attempt to influence coal companies.