Tennessee Sues BlackRock in First-of-its-Kind Consumer Protection Suit over ESG Considerations

Contact Your Elected Officials

Nashville- On Monday, Tennessee Attorney General Jonathan Skrmetti filed the first-of-its-kind consumer protection lawsuit against the worldโ€™s largest asset manager, BlackRock Inc. Tennesseeโ€™s complaint alleges that Blackrock made false or misleading representations to current and potential Tennessee consumers about the extent to which Environmental, Social, and Governance (ESG) considerations affect BlackRockโ€™s investment strategies.

โ€œWe allege that BlackRockโ€™s inconsistent statements about its investment strategies deprived consumers of the ability to make an informed choice,โ€ Attorney General Jonathan Skrmettiย saidย in a statement. โ€œSome public statements show a company that focuses exclusively on return on investment, others show a company that gives special consideration to environmental factors. Ultimately, I want to make certain that corporations, no matter their size, treat Tennessee consumers fairly and honestly.โ€

Tennesseeโ€™s lawsuit is a response to BlackRockโ€™s conflicting statements and assertions regarding ESGโ€™s influence over BlackRockโ€™s business decisions across its wide array of assets. Currently, BlackRock manages over nine trillion dollars in investments. The complaint addresses BlackRockโ€™s use of corporate engagement and the voting of its shares to achieve various climate-related policy goals.

As part of its strategy, BlackRock joined ESG coalitions such as theย Net Zero Asset Managers Initiativeย andย Climate Action 100+. Membership in both groups is dependent upon companies, such as BlackRock, making specific promises aimed toward fighting climate change that affects all their clientsโ€™ assets and achieving specific emissions reduction targets. Theseย promisesย include lobbying, engagement, voting on shareholder proposals, and managing assets with the goal of achieving โ€œnet zeroโ€ by 2050.

It should be noted that the firm explains many of its shareholder votes are intended to align companies with the aforementioned โ€œnet zeroโ€ goals. Yet BlackRockโ€™s disclosures do not mention such promises. In fact, BlackRock has told consumers elsewhere that the only consideration driving its investment decisions is return on investment.

Thus, BlackRock has articulated two inconsistent positions: one focusing solely on money and the other focusing on environmental impact. Tennessee consumers deserve to know which of BlackRockโ€™s statements are a true account of the companyโ€™s decision-making. This enforcement action seeks injunctive relief, civil penalties, and recoupment of the Stateโ€™s costs. 

To read the full complaint, please clickย here.

###

PR23-59:ย ย Tennesseeย Sues BlackRock in First-of-its-Kind Consumer Protection Suit over ESGย Considerations

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

Sweeney Swoon

Sydney Sweeney donned American Eagle jeans and hawked them as part the "Sydney's got great jeans" campaign, and the Left acted like she'd committed an atrocity.

Lay Democrats to Waste, Post Truths in Copy and Paste!

Senator John Kennedy (R-LA) humorously stated, โ€œOur secret plan for dealing with the Democrats is called, โ€˜Operation: Let them speak.โ€™โ€

Congress doesnโ€™t Care What the Average Person Thinks

In researching voting rights issues, a study provides a foundation for the statement โ€œgovernment officials donโ€™t care what people like them think.โ€

Domestic Terrorists Rain Adult Toys on WNBA Courts in Multiple Aerial Assaults

In what might be described as the worst terrorist attack on American soil since 9/11, multiple WNBA courts have been pelted with brutal flying missiles.

Democrats Are In Disastrous Shape As Midterms Loom

According to CNN's Harry Enten, โ€œThe Democratic brand is in the basement. It is total and complete garbage in the mind of the American public.โ€

What to Know About Texasโ€™s Redistricting Showdown

TX Democrats defied Gov. Abbottโ€™s call to return to state for a hearing on redrawing Congressional lines, setting up a showdown between the two sides.

Texas House Votes to Arrest Democratic Lawmakers Who Left State

TX House of Reps voted 85โ€“6 to arrest Democrat lawmakers who werenโ€™t present when House went into session, due to fight over congressional districts.

Agriculture Secretary Clears 6 More States to Ban Purchasing Soda With Food Stamps

Ag. Sec. Rollins signed waivers filed by Colorado and five other states allowing them to ban use of food stamps to buy soda and other sugary drinks.

Harley-Davidson Names Topgolf Chief Artie Starrs as New CEO

Harley-Davidson named Artie Starrs, chief executive of Topgolf, as its new president and CEO, as motorcycle maker seeks to reinvigorate growth.

Trump Vows to โ€˜Substantially Raise Tariffโ€™ on India Over Russian Oil Imports

Trump said he would โ€œsubstantiallyโ€ raise tariffs on goods from India, citing countryโ€™s continued purchase of Russian oil despite his demand that it stop.

European Union Suspends US Tariff Countermeasures for 6 Months

The EU will suspend its two packages of countermeasures to U.S. tariffs for six months, a European Commission spokesman said on Monday.

Trump Says Americans Could Get Dividends From Tariff Revenues

President Donald Trump suggested on Sunday that his administration could distribute dividends from tariff revenues to Americans with certain income levels.

Tariff Rates โ€˜Pretty Much Set,โ€™ Says US Trade Representative

President Trumpโ€™s trade representative, Jamieson Greer, said that Americans should expect the administrationโ€™s tariff levels to remain where they are.
spot_img

Related Articles