BlackRock, Vanguard Fight High-Stakes Texas Collusion Case (1)

The world’s largest asset managers urged a federal judge in Texas to dismiss a lawsuit brought by Republican state attorneys general claiming they colluded to reduce coal output, in a case that threatens how US firms oversee trillions of dollars.

Lawyers for BlackRock Inc., Vanguard Group Inc. and the asset management arm of State Street Corp. argued at a hearing Monday that the lawsuit lacked sufficient evidence and that the firms did nothing to attempt to influence coal companies.

“The antitrust claims in this case are unprecedented, they’re unsound and they’re unsupported,” said Gregg Costa, a lawyer representing ...