Louisiana Attorney General Liz Murrill is announcing a first-of-its kind settlement with The Vanguard Group, Inc. (“Vanguard”). 

In 2024, Louisiana, together with thirteen other states, filed suit against major investment firms Blackrock, State Street, and Vanguard. The suit alleges that these firms used their ownership interests in major coal producers to manipulate the price of coal and gain undue profits by decreasing coal production under the guise of environmental, “green” policies. By intentionally decreasing the supply of coal in pursuit of “green” policy objectives, the suit alleges that these firms profited from the increased value of coal that resulted from the manufactured coal scarcity that they created.

Under the terms of the settlement, Vanguard has agreed to pay the participating states, including Louisiana, an amount of $29.5 million dollars. Further, they have agreed to cooperate with us in our discovery efforts as the case remains ongoing against the remaining Defendants, Blackrock and State Street. They have also agreed to refrain from using their position to influence the business strategies of their portfolio companies.

"ESG and radical green energy scams have no place in Louisiana or this country. This good-faith settlement agreement with Vanguard sends an important signal to other investment firms that may attempt to use their influence to advance their own preferred environmental policies. Our focus will now shift to BlackRock and State Street," said Attorney General Liz Murrill.

This outcome represents one more step toward lowering energy prices and maintaining affordability for everyone in our state. We look forward to achieving similarly positive outcomes as the case progresses.

In addition to Louisiana, attorneys general from Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, Oklahoma, Texas, West Virginia, and Wyoming joined as plaintiffs.

Read the settlement here.