Nippon Steel shares decline as investors worry over bid for US rival

BlackRock on Monday was sued by the US state of Tennessee, which accused the $9.1tn New York-based asset manager of violating consumer protection laws by misusing environmental, social and governance factors in its investment strategy.

The lawsuit filed by state attorney-general Jonathan Skrmetti alleged that BlackRock had been inconsistent in stating whether it focused exclusively on investment returns or whether it gave preference to ESG considerations.

“For years . . . BlackRock has misled consumers about the scope and effects of its widespread ESG activity,” the complaint said.

“BlackRock has downplayed the extent to which ESG considerations drive its investment strategies across all holdings, even in non-ESG funds,” it added.

Read more about the Tennessee lawsuit here

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