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Tennessee Attorney General Jonathan Skrmetti filed a lawsuit on Monday against BlackRock, the world’s largest asset management firm with approximately $9 trillion in assets under management.
The lawsuit accuses BlackRock of leveraging its influence over companies in which it holds shares to pressure management to pursue goals such as achieving “net-zero” carbon emissions and aligning their policies with the 2015 Paris Climate Agreements.
It also claims that BlackRock misled investors by asserting that they could achieve higher returns through ESG (Environmental, Social, and Governance) investments.
AG Skrmetti accuses the company of being “at the forefront of using aggressive strategies to promote environmental, social, and governance controversies in all the assets it manages.”
In an interview with The Epoch Times, the Attorney General stated:
“We want BlackRock to inform investors how their money will be managed. BlackRock must inform investors if their money is managed in a way that promotes ideological purposes.”
Mr. Skrmetti further commented:
“BlackRock has admitted that promoting ESG goals, such as the drastic reduction of companies’ carbon production, may conflict with the financial performance of its funds. Therefore, it is only fair that consumers know whether the hard-earned funds they invest will be used for BlackRock’s ESG purposes rather than maximizing financial returns.”
In response to the lawsuit filed by the Tennessee Attorney General, BlackRock stated:
“We reject the claims of the Attorney General and will vigorously contest any allegations that BlackRock violated Tennessee’s consumer protection laws.”
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