Tennessee sues BlackRock over ESG 'misrepresentations'

Accused of 'deceiving consumers'

The state of Tennessee has filed a lawsuit against BlackRock alleging “a series of unlawful ESG-related misrepresentations” made by the firm.

Tennessee attorney-general Jonathan Skrmetti filed the lawsuit yesterday (18 December), arguing BlackRock had been inconsistent in its rhetoric over whether ESG investing could have financial benefits. "Given its large size and prominence, BlackRock has led the charge in promoting aggressive ESG goals," the lawsuit said, pointing to the firm joining Climate Action 100+ and the Net Zero Asset Managers Initiative. US House Judiciary chair subpoenas Vanguard over ESG policies The lawsuit is part of a series of attacks by Republican lawmakers against asset managers which consider susta...