AG Skrmetti Sues BlackRock over ESG Investment Strategies

  • Tennessee AG Jonathan Skrmetti filed a lawsuit against BlackRock, Inc. that accuses the world’s largest asset manager of violating state consumer protection laws by making false and misleading representations to consumers about the extent to which environmental, social, and governance (ESG) goals affect its investment strategies.
  • The complaint alleges that BlackRock downplayed the extent to which ESG considerations drive its investment strategies and overstated the extent to which ESG considerations can benefit companies’ financial performance and outlook.
  • The lawsuit seeks injunctive relief, civil penalties, disgorgement, restitution for consumers, and costs.
  • As we previously reported, AG Skrmetti was part of a group of 21 Republican AGs who wrote to asset managers including BlackRock in June 2023 to raise concerns regarding ESG voting.