Attorney General Austin Knudsen announced a landmark settlement agreement with The Vanguard Group, Inc. this week, resolving allegations that the asset manager conspired to artificially constrict the coal market through anticompetitive trade practices.
The settlement stems from a 2024 lawsuit filed by Knudsen against Vanguard, BlackRock, and State Street Corporation. The suit alleged the firms used their substantial stockholdings in major publicly traded coal producers to influence company policies, with the effect of reducing coal output and increasing energy prices.
According to the complaint, the asset managers collectively held significant shares in nearly every major publicly held coal company in the United States and used that influence to push companies toward “green energy” production targets.

