Tony Buzbee, principal of The Buzbee Law Firm, announced today alongside Attorney General Ken Paxton that efforts to dismiss the State of Texas's case against Blackrock, State Street, and Vanguard for conspiring to artificially restrict energy markets were denied by a Federal Court sitting in Tyler, Texas. Texas Attorney General Paxton brought the lawsuit on behalf of the State of Texas with Buzbee and attorneys Brian Barnes and David Thompson from the Washington, D.C. firm Cooper & Kirk, PLLC, serving as outside counsel.
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According to the filed Complaint, the named defendants acquired substantial stockholdings in every significant publicly held coal producer in the United States, thereby gaining the power to control the internal policies of the coal companies. Using their combined influence over the coal market, the investment cartel collectively pressured the coal companies to accommodate “green energy” goals, pushing to reduce coal output by more than half by 2030.
Almost as soon as the case was filed, Blackrock, State Street, and Vanguard filed voluminous motions to dismiss, arguing that mere passive investors cannot be liable under federal antitrust laws or state consumer protection laws. After a lengthy hearing, in a sixty-one-page opinion, the court today agreed with the State of Texas, finding that claims under the Clayton Act and Sherman Act, as well as claims under Texas consumer protection laws, were properly plead, and could proceed. With the court's ruling, the case now proceeds to discovery, where documents will be exchanged and depositions will be taken.
According to Tony Buzbee, who is acting as outside lead trial counsel: “This is a huge victory in this landmark case. I'm proud to stand with Attorney General Paxton on behalf of the State of Texas to right this injustice and to seek relief for the citizens of the great State of Texas, and I look forward to working with him to fully litigate this case. Texans cannot and will not tolerate this type of conduct any further.” According to Buzbee, total recovery in the case could amount to billions of dollars.
The Buzbee Law Firm is headquartered on the 75th floor of JP Morgan Chase Tower in Houston, Texas. Tony Buzbee has been described by the New York Times as “one of the most successful trial lawyers in the United States.” Mr. Buzbee has served as lead counsel in some of the largest and most important cases in United States history.
For more information or comment: tbuzbee@txattorneys.com; www.txattorneys.com
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SOURCE The Buzbee Law Firm
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