BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by

Paxton and 10 other attorneys general filed a lawsuit against BlackRock, State Street Corporation and Vanguard.

BlackRock , Vanguard and State Street have been sued by Texas and 10 other Republican-led states, which said the large asset managers violated antitrust law through climate activism that reduced coal production and boosted energy prices.

Texas Attorney General Ken Paxton has sued BlackRock, Vanguard, and State Street, accusing them of manipulating the energy market to promote green energy and drive up prices.

Inc., Vanguard Group Inc., and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting electricity prices through their investments, in the highest-profile lawsuit yet against the beleaguered ESG industry.

The 11 states, led by Texas, allege the asset managers have been undercutting coal companies and driving up electricity prices.

Texas Attorney General Ken Paxton and 10 other AGs accused BlackRock, Vanguard and State Street of violating antitrust laws by promoting environmental, social and governance goals. The companies are some of the largest investors in U.S. coal production and allegedly pose a threat to competition within the energy industry.

Federal complaint filed in Texas court by a consortium of 11 states argues the fund giants used their market power to pressure energy companies and ultimately hurt consumers.