Texas v. BlackRock, Inc.

The federal district court for the Eastern District of Texas granted judgment to BlackRock, Inc. and State Street Corporation on several claims in Texas and other states’ action alleging that the defendants violated state and federal antitrust laws and certain state consumer protection laws by using their holdings in coal producers to reduce coal output. First, the court found that only Iowa and Nebraska had standing to assert claims for damages on behalf of electricity purchasers in their states. The court rejected the defendants’ contentions that Iowa and Nebraska lacked standing for their claims under their state antitrust laws, which explicitly permit indirect purchasers to sue when injured by an antitrust violation. Second, the court found that the states waived claims for damages on behalf of coal buyers under Clayton Act Sections 4C (which only permits parens patriae claims on behalf of natural persons) and 16 (which only permits injunctive relief). Third, the court agreed with the defendants that Iowa could not seek civil antitrust penalties against them because they do not sell coal. Fourth, the court granted judgment to the defendants on Louisiana’s and Nebraska’s consumer protection claims, which the court previously dismissed.

Eleven states' lawsuit alleging that three institutional investors violated antitrust laws by collectively using their shareholdings in domestic coal producers to reduce coal output.

Eleven states' lawsuit alleging that three institutional investors violated antitrust laws by collectively using their shareholdings in domestic coal producers to reduce coal output.

Eleven states' lawsuit alleging that three institutional investors violated antitrust laws by collectively using their shareholdings in domestic coal producers to reduce coal output.