BlackRock, State Street, Vanguard Must Face Antitrust Suit (2)

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

US District Judge Jeremy Kernodle in Texas said most of the claims brought by the states can proceed, including allegations that BlackRock Inc., Vanguard Group Inc. and the asset management arm of State Street Corp. collectively used their stock to attempt to substantially lessen competition. Kernodle dismissed part of the lawsuit that was based ...