US Department of Justice Files Brief in BlackRock, State Street Antitrust Lawsuit

The US Department of Justice and Federal Trade Commission (FTC) have filed a court brief in the Texas-led antitrust lawsuit involving BlackRock, State Street, and Vanguard. The DOJ submitted its brief to the Eastern District of Texas on May 22, 2025, addressing Texas' claims that institutional investors managed shares in competing coal companies, leading to reduced production and higher consumer energy costs.

The DOJ stated that general index fund practices and shareholder activism do not warrant antitrust law exemptions for actions aimed at reducing overall market output. This brief outlines the federal government's position that antitrust laws can apply to institutional investors' joint shareholding and ESG-related shareholder activities.