Republican Tennessee Attorney General (AG) Jonathan Skrmetti filed a consumer protection lawsuit Monday against BlackRock, the world’s largest asset manager and a leading proponent of Environmental, Social and Corporate Governance (ESG) investing.
The consumer protection suit alleges that BlackRock has misled Tennessean consumers about the scale and impacts of its ESG initiatives for several years. The suit further alleges that BlackRock’s own policies and corporate voting records demonstrate that its ESG push bleeds into financial products that are marketed as non-ESG funds, despite the company’s statements that it allocates capital where its clients request as a fiduciary.
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