State AGs Warn Financial Services Climate Group Members They May Be Violating Antitrust Laws

‘Both federal and state law broadly prohibit business competitors from engaging in concerted action in restraint of trade or commerce.’

World leaders and delegates gather at a summit to address climate change, at the United Nations Headquarters in New York on Sept. 23, 2019. Spencer Platt/Getty Images

Attorneys general from 22 U.S. states sent a letter on Sept. 13 to members of the Net Zero Financial Service Providers Alliance (NZFSPA), warning them that their collective action against the fossil fuel industry may violate state and federal antitrust laws.

“We have laws that say that competitors need to compete and that when consumers suffer as a result of collusion between industry participants, that’s a problem,” Tennessee Attorney General Jonathan Skrmetti, author of the letter, told The Epoch Times.