Share on LinkedInShare on LinkedIn

ARTICLE · 12 MARCH 2026

Vanguard Settles 13-State ESG Antitrust Suit

Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
Contributor
Kelley Drye & Warren LLP

Kelley Drye & Warren LLP

About Kelley Drye We’re focused—in key areas of the law and on the nuances of each matter—to help...

View firm profile
Explore more from Kelley Drye & Warren LLP

On February 26, 2026, 13 Republican state attorneys general announced a "first-of-its-kind"...

United StatesAntitrust/Competition Law
Paul Singer
Paul Singer
Abigail Stempson
Abigail Stempson
Beth Bolen Chun
Beth Bolen Chun
Andrea DeLorimier
Andrea DeLorimier

On February 26, 2026, 13 Republican state attorneys general announced a "first-of-its-kind" settlement with The Vanguard Group, Inc. resolving part of a multistate antitrust lawsuit against major asset managers.

As we discussed previously, the underlying lawsuit, led by Texas Attorney General Ken Paxton, alleges that BlackRock, State Street, and Vanguard used their collective shareholdings in U.S. coal companies to influence output and business strategy in ways that allegedly reduced coal production and increased energy prices. According to the complaint, this conduct amounted to anticompetitive coordination under the guise of ESG initiatives. The Trump Administration's Department of Justice and Federal Trade Commission filed a statement of interest supporting the suit and describing their interpretation of how U.S. antitrust laws apply to the allegations.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Booking Holdings v. Commission: General Court Clears The Way For Reverse Leveraging

The General Court of the European Union has upheld the European Commission's prohibition of Booking Holdings' acquisition of eTraveli Group, endorsing for the first time a 'reverse leveraging' theory of harm in conglomerate mergers. This landmark judgment establishes that dominant companies can be blocked from acquiring complementary businesses even when the target operates in a market where the acquirer lacks dominance, fundamentally reshaping merger control enforcement in digital and ecosystem-driven mark
United StatesAntitrust/Competition Law
Baker Botts L.L.P.
Baker Botts L.L.P.
Article

KKR Agrees To Historic $250 Million Penalty For Alleged Violations Of HSR...

The Department of Justice announced a landmark $250 million settlement with KKR & Co. for allegedly submitting deficient Hart-Scott-Rodino Act notification forms across at least 16 transactions. This unprecedented penalty, the largest ever for HSR violations, raises critical questions about merger notification compliance obligations and the consequences of systemic noncompliance with federal antitrust review requirements.
United StatesAntitrust/Competition Law
Bracewell LLP
Bracewell LLP
Article

Recent Significant Federal Merger Enforcement Developments

The Justice Department has resumed targeted Second Request investigations to expedite merger reviews, while major entertainment industry consolidation faces legal challenges and the FTC secures record penalties for Hart-Scott-Rodino Act violations. These developments signal a shifting landscape in federal merger enforcement, balancing efficiency with rigorous antitrust scrutiny across multiple industries.
United StatesAntitrust/Competition Law
Wiggin and Dana LLP
Wiggin and Dana LLP
Article

DOJ Merger Investigation Closure Credits AI Competition And Highlights Targeted Second Request Reviews

The U.S. Department of Justice recently closed its investigation into a merger between two leading sales enablement software providers, citing AI competition as a key protective factor against potential competitive harm. This decision offers important insights into how antitrust agencies are evaluating AI-native companies as competitive constraints and implementing more efficient, targeted merger review processes in technology sector transactions.
United StatesAntitrust/Competition Law
A&O Shearman
A&O Shearman
Article

Congress Passes New Russian Sanctions Bill Providing Additional Tariff Authority To Address Countries That Purchase Russian Energy, Facilitate Evasion Of Russian Sanctions

The U.S. House of Representatives has passed H.R. 5334, the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which directs the President to impose tariffs of up to 500 percent on Russian imports and up to 100 percent on imports from countries that are significant purchasers of Russian energy. The bill includes provisions for Presidential waiver authority and a five-year sunset clause...
GlobalInternational Law
Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
Article

California’s 2026 Legislative Session Wraps: A Wave Of Privacy And AI Bills Reaches The Governor, With Key Child Safety And AI Measures Signed Into Law

California's 2026 legislative session concluded with Governor Newsom signing several landmark privacy and AI bills into law, including comprehensive child safety measures, AI auditor oversight frameworks, and expanded data protection requirements. How will these new regulations reshape digital advertising, workplace AI deployment, and online platform obligations for businesses operating in California?
United StatesPrivacy
Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
Article

National Historic Preservation Act Overhaul: What You Need To Know

The Advisory Council on Historic Preservation has advanced a Notice of Proposed Rulemaking that would fundamentally restructure Section 106 of the National Historic Preservation Act, marking the most significant regulatory overhaul in over 20 years. The proposed changes would shift the consultation process from a multi-step framework to an agency-prepared report system, narrow the scope of protected properties, and grant federal agencies greater unilateral authority in resolving adverse effects.
United StatesGovernment, Public Sector
Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
Article

FTC Releases FAQs On Auto Pricing: What Dealers And Advertisers Need To Know

If you’re a dealer, an ad agency handling automotive accounts, or in-house counsel advising automotive clients, the Commission’s latest guidance on auto pricing transparency deserves a careful read. The guidance echoes familiar principles we’ve heard in other areas from federal and state regulators related to the expectation for all-in pricing, with important nuances unique to the auto industry.
United StatesConsumer Protection
Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
Article

Class Action Follows NACA’s Polymarket Influencer Lawsuit

Polymarket faces multiple lawsuits alleging deceptive influencer marketing practices, including undisclosed paid endorsements and staged betting videos on fake platform copies. A new class action complaint claims content creators filmed winning bets on simulated Polymarket websites built by the company, with some videos allegedly showing fabricated results that would have resulted in significant losses on the real platform.
United StatesConsumer Protection
Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
Article

Federal Communications Commission FY 2026 Regulatory Fees Are Due September 24, 2026.

The FCC has announced the September 24, 2026 deadline for regulatory fee payments, with notable increases including a rise in Interstate Telecommunications Service Provider fees to 0.0055 per revenue dollar and a 20% increase for submarine cable system fees. All payments must be submitted electronically through CORES, with failure to meet the deadline resulting in automatic 25% late payment penalties that the FCC does not ordinarily waive.
United StatesMedia, Telecoms, IT, Entertainment
Kelley Drye & Warren LLP
Kelley Drye & Warren LLP
Article

Reining In CIPA ​“Abuse”: S.B. 690 Becomes Law And Fixes Key CIPA Provision

California's S.B. 690 represents a significant bipartisan reform to the California Invasion of Privacy Act (CIPA), fundamentally altering the landscape for businesses facing privacy litigation. Governor Newsom's signature on September 30, 2026, removes the private right of action for violations involving pen registers and trap-and-trace devices, addressing what many viewed as abusive litigation tactics.
United StatesPrivacy
Kelley Drye & Warren LLP
Kelley Drye & Warren LLP