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On December 18, 2023, the Attorney General of Tennessee filed a consumer protection lawsuit against BlackRock. The allegations included that Blackrock made false or misleading representations to current and potential Tennessee consumers about the extent to which Environmental, Social, and Governance considerations affect BlackRock’s investment strategies. In a press release, the Attorney General stated that “BlackRock’s inconsistent statements about its investment strategies deprived consumers of the ability to make an informed choice.” The complaint against BlackRock addresses the Company’s use of corporate engagement and the voting of its shares to achieve various climate-related policy goals, seeking injunctive relief and civil penalties.
On this news, BlackRock’s stock price fell $22.56 per share to close at $796.44 per share on December 18, 2023.