Vanguard Settles Energy Market Manipulation Lawsuit for $29.5 Million

Vanguard has agreed to pay $29.5 million to resolve a lawsuit filed by twelve states, including Texas, which accused the asset management firm of colluding to manipulate the energy market and decrease coal production. Bloomberg posted on X that the settlement addresses allegations that Vanguard engaged in practices that negatively impacted coal output. The lawsuit claimed that these actions were part of a broader strategy to influence energy market dynamics. The resolution of this case marks a significant development in the ongoing scrutiny of asset managers' roles in energy market operations. Vanguard's settlement is seen as a step towards addressing concerns over market manipulation and its effects on coal production.