The suit reflects a Republican strategy leveraging antitrust laws against investment managers’ alleged climate-focused collusion to reduce emissions.

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.

Vanguard, and State Street Corp (STT) have been sued by a group of states led by Texas for allegedly breaking antitrust law. These companies are accused of boosting electricity prices through their investments.