Tennessee Attorney General Jonathan Skrmetti filed a lawsuit against BlackRock, alleging that the firm misled consumers about its Environmental, Social, and Governance (ESG) initiatives.
The lawsuit focuses on BlackRock’s statements and actions related to ESG, claiming that consumers were not accurately informed about the firm’s objectives. (Trending: FBI Bribery Probe Caught Joe Biden’s Brother On Tape)
It also highlights BlackRock’s membership in ESG coalitions and asserts that the company’s disclosures do not fully convey its commitment to ESG aims.
“We allege that BlackRock’s inconsistent statements about its investment strategies deprived consumers of the ability to make an informed choice,” said Skrmetti.
“I want to make certain that corporations, no matter their size, treat Tennessee consumers fairly and honestly,” he continued.
The new lawsuit argues that consumers were misled by asset managers “about the scope and effects of its widespread ESG activity,” highlighting 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.”
“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,” Fink said.
The lawsuit filings state, “BlackRock’s continued membership necessitates BlackRock’s commitment to pushing aggressive carbon-reduction strategies across all assets under management” and to allegedly avoid public scrutiny, the firm is instead “deceiving consumers about the company’s extensive commitment to fulfilling ESG aims.”
“BlackRock’s disclosures do not mention such promises,” emphasized Skrmetti’s office.
Insisting, “Tennessee consumers deserve to know which of BlackRock’s statements are a true account of the company’s decision-making.”
The lawsuit seeks injunctive relief, civil penalties, and recoupment of the State’s costs.
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