<p>Tennessee Attorney General Jonathan Skrmetti <a href="https://www.tn.gov/attorneygeneral/news/2023/12/18/pr23-59.html">filed a lawsuit</a> on Monday against BlackRock, the world’s largest asset manager, alleging that the firm violated consumer protection laws by misleading consumers about its attempt to pursue leftwing social and environmental goals.</p>
<p>The lawsuit hones in on BlackRock’s Environmental, Social, and Governance (ESG) initiatives, alleging that consumers were deprived of the ability to accurately assess the financial giant’s objectives.</p>
<p>“We allege that BlackRock’s inconsistent statements about its investment strategies deprived consumers of the ability to make an informed choice,” Skrmetti said. “I want to make certain that corporations, no matter their size, treat Tennessee consumers fairly and honestly.”</p>
<p>Tennessee&#8217;s lawsuit comes as numerous Republican-led states have <a href="https://www.dailywire.com/news/states-have-pulled-nearly-12-billion-from-blackrock-this-year">divested</a> from BlackRock, citing concerns with the asset management firm’s fixation on ESG. Skrmetti <a href="https://www.chattanoogan.com/2023/4/10/467148/Attorney-General-Skrmetti-Joins.aspx">joined a coalition</a> of 20 other state AGs who warned BlackRock, among other asset managers, of the potential conflicts between its fiduciary duties and political agenda earlier this year.</p>
<p>The new lawsuit contends that the asset manager misled consumers “about the scope and effects of its widespread ESG activity,” and points to an interview with BlackRock CEO Larry Fink in which he said, “Everything we do is on behalf of our clients, and everything we do is with the purpose of financial returns.”</p>
<p>“There is not one thing we have ever done, whether it’s ESG or any other issue, is … in the pursuit of financial return. That is our fiduciary responsibility, and we live that every day,” Find said</p>
<p>But while Fink assured customers that BlackRock was upholding its fiduciary duty, the suit points out that the colossal asset management firm, which controls over $9 trillion in assets, is a part of environmentally-focused coalitions that affect clients’ assets. It specifically names two ESG coalitions that BlackRock joined, the Net Zero Asset Managers Initiative and Climate Action 100+, and asserts that membership in both organizations is <a href="https://perma.cc/7MAX-HUAT">contingent</a> on “lobbying, engagement, voting on shareholder proposals, and managing assets with the goal of achieving ‘net zero’ by 2050.”</p>
<p>The lawsuit clarifies that “BlackRock’s continued membership necessitates BlackRock’s commitment to pushing aggressive carbon-reduction strategies across all assets under management” and that, rather than risk negative publicity by exiting these organizations, the firm is instead “deceiving consumers about the company’s extensive commitment to fulfilling ESG aims.”</p>
<p>The suit goes on to directly allege that BlackRock “has falsely conveyed that certain of its funds do not incorporate ESG considerations.” It specifies that, while BlackRock states that its non-ESG funds aren’t intended to “follow a sustainable, impact, or ESG investment strategy,” the company agreed to a “stewardship and engagement strategy, with a clear escalation and voting policy, that is consistent with  [the] ambition for all assets under management to achieve net zero emissions” by virtue of its membership with the Net Zero Asset Managers Initiative.</p>
<p>“BlackRock’s disclosures do not mention such promises” Skrmetti’s office notes before asserting “Tennessee consumers deserve to know which of BlackRock’s statements are a true account of the company’s decision-making.” His office also specified that the lawsuit seeks “injunctive relief, civil penalties, and recoupment of the State’s costs.”</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Tennessee Attorney General Sues BlackRock For Misleading Investors About ESG Agenda

CONTINUE READING

The Lending Scheme That Gave Rise To Colony Ridge Is Happening All Across America

A Foreign Company Found Clients For Immigration Law Firm Specializing In Deportation Defense

BREAKING: Texas Shoots Back At California With Lawsuit Amid Redistricting Fight

EXCLUSIVE: Republicans Push To Build ‘Alligator Alcatrazes’ All Over The Country

Nebraska To Expand ICE Detention Capacity With ‘Cornhusker Clink’

Eyes On 2028? Gavin Newsom Launches Fundraising Campaign, Sets Sights Everywhere Except California

News

BlackRock

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Menu

— News —

Tennessee Attorney General Sues BlackRock For Misleading Investors About ESG Agenda