BlackRock, State Street subpoenaed by U.S. House in ESG probe

By Makini Brice

(Reuters) -The U.S. House of Representatives Judiciary Committee said it had subpoenaed BlackRock and State Street for documents and communications related to its probe into whether environmental, social and governance (ESG) efforts violate antitrust laws.

The committee wrote to BlackRock and State Street on July 6, requesting documents. But response from both the companies on the request has been inadequate, the committee said in a statement.

“Having already produced more than 7,700 documents and 91,000 pages, a subpoena was not necessary but we understand this is the Committee’s practice, and we will continue to cooperate,” BlackRock said on Friday.

State Street said in a statement:

“We have cooperated fully with the committee and will continue to do so going forward. We remain confident that we have not violated any anti-trust laws.”

House Judiciary Chairman Jim Jordan had earlier also sent a subpoena to asset manager Vanguard.

The company is “committed to working constructively with lawmakers and has cooperated with the Committee’s requests, including producing tens of thousands of pages of relevant documents to date,” Vanguard said.

Bloomberg News first reported the development earlier on Friday.

(Reporting by Makini Brice in Washington, Jaiveer Singh Shekhawat in Bengaluru and Carolina Mandl in New York; Editing by Jonathan Oatis and Rosalba O’Brien)