The last time we checked on BlackRock, the world’s largest asset manager, CEO Larry Fink complained that Environmental, Social and Corporate Governance (ESG) — the basis for its work investment strategy — was being “weaponized.”
Furthermore, late this year, there was a new report that “sustainability Funds,” such as the ones touted by BlackRock are not sustainable. Over the last quarter, investments in this type of fund fell by nearly $3 billion.
Now, the State of Tennessee is suing BlackRock in a first-of-its-kind lawsuit, alleging the firm has harmed consumers through its environmental commitments and climate strategy.
According to the lawsuit filed in state court Monday and first obtained by FOX Business, BlackRock has articulated two inconsistent positions: one prioritizing financial returns and the other prioritizing investment policies to combat climate change. While BlackRock has faced widespread opposition over its so-called environmental, social and governance (ESG) strategy, Tennessee’s action on Monday is the first legal challenge to accuse BlackRock of violating consumer protection laws…
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