LONDON (Reuters) -Black Rock, the world’s largest asset manager, said on Friday that the American government support for a “unfounded” issue claims that asset managers conspired to reduce competition in the coal sector undermining their goal of energy independence.
On Thursday, the US Federal Ministry of Justice and Trade Committee presented a statement of interest in the case by Texas, 12 other states against Blackrock, VanGuard and State Street Global Advisors (SSGA).
The states claim that companies used their great property in American coal companies to bend the competition.
“The support of the Ministry of Justice and the FTC for this issue, which is baseless, is undermining the Trump administration’s goal of US energy independence,” Black Rock said in a statement.
She said: “As we explained in our previous suggestion to dismiss, this issue is trying to rewrite the anti -monopoly law and is based on a ridiculous theory that coal companies conspired with their shareholders to reduce coal production.”
“Forcing asset managers to get rid of coal companies will harm their ability to reach capital and invest in their business and employees, which probably leads to high energy prices.”
SSGA also described the “unfounded” issue in a separate statement, adding, “We look forward to providing facts through the legal process. Additional deposits do not change from our evaluation.”
In her own statement, Vangard said that she “has concerns with many legal explanations promoted by agencies,” but she “appreciates” her support for investing negative funds, calling for shareholders to improve corporate governance and active investment that does not harm competition.
He said, “The facts show that Vandard remained in this construction,” he said.
(Participated in the reports of Simon Jessoub; Editorial by Connor Humphrez)
https://media.zenfs.com/en/reuters-finance.com/08616af0a9f6364168b8cf3f01613f0c
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