On 22 May 2025, the U.S. Federal Trade Commission (FTC) and Department of Justice (DOJ) filed a Joint Statement of Interest in a lawsuit led by the State of Texas against three large investment companies. The lawsuit, led by Texas Attorney General Ken Paxton, has been joined by 10 other states and accuses the asset managers of using their positions in climate-focused investment initiatives to manipulate coal markets, driving up the cost of energy and resulting in higher energy prices for American consumers. This action, as the DOJ publicly notes, is the first formal statement by the Agencies in federal court on the antitrust implications of common shareholdings