There is ongoing pushback – particularly in so-called red states - against efforts to address climate change and other environmental, social and governance initiatives. In November 2024, the Attorney General (AG) of the State of Texas, as lead plaintiff, and the AGs of 10 other states commenced an action in the U.S. District Court for the Eastern District of Texas against BlackRock, Inc., State Street Corporation and The Vanguard Group, Inc., alleging that their climate-related engagement with the coal industry and participation in climate-related initiatives violated U.S. antitrust laws. The current plaintiffs in the action are the states of Alabama, Arkansas, Indiana, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Oklahoma, Texas, West Virginia and Wyoming. In March 2025, the defendants moved to dismiss the action for failing to state a claim. In connection with that motion, the DOJ and FTC submitted a Statement of Interest supporting the plaintiffs’ legal theories. This article discusses the genesis of the action, the key allegations, the motion to dismiss and the Statement of Interest, with commentary from David R. Pearl, partner at Axinn, Veltrop & Harkrider LLP, on the implications of the action for fund and asset managers. See “SIFMA Secures Injunction Against Missouri’s ESG Disclosure Rules” (Mar. 27, 2025).