Tag: Vanguard Group

State AGs Sue Three of the World’s Biggest Asset Managers for Allegedly Violating Antitrust Laws

Just the News
Ken Paxton

Texas Attorney General Ken Paxton is leading 10 other GOP state attorneys general in a lawsuit against BlackRock, State Street Corporation and Vanguard Group, three of the largest asset managers worldwide, for allegedly violating antitrust laws.

The firms allegedly conspired to use anticompetitive trade practices to artificially constrict the coal market, according to Paxton’s office. They acquired substantial stockholdings in all significant, publicly held coal producers in the U.S., allowing them to have the power to control coal company policies. These asset managers pushed for reduced coal output by more than half by 2030.

Read More

More Americans than Ever Before Are Dipping into Their Retirement Savings to Make Ends Meet

Michigan Star Staff

A record-setting number of Americans are pulling money from their 401(k) plans to cover emergency expenses, The Wall Street Journal reported Thursday, citing data from major investment manager, Vanguard Group.

The proportion of people who pulled from their 401(k) jumped by about one-third in 2022, to 2.8%, up from 2.1% in 2021 and 2% in the pre-pandemic era, according to the WSJ. Vanguard manages roughly 5 million accounts, so the total number of people making withdrawals climbed from roughly 100,000 to roughly 140,000 in 2022, as people both struggled with financial stress ranging from credit card debt to eviction.

Read More