BlackRock, Vanguard Seek Dismissal of ‘Farfetched’ Lawsuit (1)

BlackRock Inc., Vanguard Group and State Street Corp. said a lawsuit led by Texas over allegations that they colluded to influence power prices was “farfetched.”

The money-management giants, with combined assets of more than $20 trillion, said Monday in a motion to dismiss in federal court in Texas that the antitrust claims against them contain “no plausible facts,” lack evidence of coordinated actions and fail to show how the companies control coal output.

In one of the highest-profile lawsuits against the investment industry, Texas Attorney General Ken Paxton and several other states claimed in November that BlackRock, Vanguard and ...