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The state of Mississippi is threatening to hit major financial asset manager BlackRock with a massive fine as part of a cease and desist order targeting the firm's ESG practices.
The litigation marks a peculiar scenario where the national and state Republican parties have filed suit over a law that passed a GOP-dominated Legislature and was signed into law by Republican Gov. Tate Reeves.
Mississippi sent a cease and desist letter to BlackRock Tuesday night over claims the company misleads clients about its involvement in ESG investing.
BlackRock was issued a legal warning over "false and misleading statements to Mississippi investors" tied to social and governance (ESG) investment strategies.