The U.S. Department of Justice is considering whether to intervene in an antitrust lawsuit brought by Texas and 12 other states against BlackRock and State Street, while federal officials have not reached a final decision. The late-2024 complaint alleges the asset managers used their holdings and climate coalition memberships to influence coal producers, reduce output and raise regional energy prices through ESG-related engagement. The states cite an 18%-29% decline in coal production and 21%-25% price increases between 2019 and 2022, and rely on the Clayton Act and Sherman Act. The DOJ and Federal Trade Commission filed a joint statement of interest on May 22, 2025, saying the alleged conduct, if proven, would constitute antitrust violations, but that filing did not amount to the DOJ joining the litigation. A federal judge allowed the case against BlackRock and State Street to proceed in August 2025. Vanguard, initially named as a defendant, settled on February 26, 2026, for $29.5 million and agreed to proxy-voting reforms while denying the allegations. A DOJ intervention would increase the legal significance of the case for institutional investors and climate-focused engagement strategies.