New York Postยท2025-08-01 18:04Core Viewpoint - A US judge has largely rejected a request by major asset managers, including BlackRock, to dismiss a lawsuit filed by Texas and 12 other Republican-led states, which alleges that these companies violated antitrust laws through climate activism that negatively impacted coal production and increased energy prices [1][5]. Group 1: Lawsuit Details - The lawsuit is one of the most prominent cases targeting efforts to promote environmental, social, and governance (ESG) goals [2]. - The states' claims against the asset managers include allegations of joining Climate Action 100+, an initiative aimed at combating climate change, and using shareholder advocacy to further its objectives [3][4]. - The judge dismissed only three of the 21 counts in the lawsuit, allowing the majority of the claims to proceed [1]. Group 2: Implications for Asset Managers - The outcome of the lawsuit could significantly affect how these asset managers, which collectively manage approximately $27 trillion, handle their investments and passive funds [6][7]. - One potential remedy sought by the plaintiffs is for the asset managers to divest from coal companies, which BlackRock argues would harm access to capital and likely lead to higher energy prices [6].