{"id":2031818,"date":"2023-09-14T13:38:04","date_gmt":"2023-09-14T17:38:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-ags-warn-financial-services-climate-group-members-they-may-be-violating-antitrust-laws\/"},"modified":"2023-09-14T13:40:25","modified_gmt":"2023-09-14T17:40:25","slug":"state-ags-warn-financial-services-climate-group-members-they-may-be-violating-antitrust-laws","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-ags-warn-financial-services-climate-group-members-they-may-be-violating-antitrust-laws\/","title":{"rendered":"State AGs caution Financial Services Climate Group members about potential antitrust law violations."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstate-ags-warn-financial-services-climate-group-members-they-may-be-violating-antitrust-laws%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2031818&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Attorneys General Warn Net Zero Financial Service Providers Alliance of\u200d Potential Antitrust \u2063Violations<\/h2>\n<p>Attorneys general from 22 U.S. states have sent a letter to members of the Net Zero Financial Service Providers Alliance (NZFSPA), cautioning them about potential violations of state\u200b and federal antitrust\u2063 laws. The letter, authored by Tennessee Attorney General Jonathan Skrmetti, emphasizes\u200c the importance\u200b of fair competition and the \u200dnegative impact collusion can have on consumers.<\/p>\n<div class=\"my-5\">\n<p>The <a href=\"https:\/\/www.netzeroserviceproviders.com\/our-commitment\/\" target=\"_blank\" rel=\"noopener\">NZFSPA<\/a> is a\u2063 global alliance of accounting firms, rating agencies, stock exchanges, consultancies, and other service companies.\u200c Its members have pledged to\u200d align their services and\u2063 products with the \u200dgoal of achieving net zero greenhouse gas emissions by 2050 or sooner.<\/p>\n<\/div>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/article\/consumers-bear-the-brunt-of-net-zero-agenda-critics-say-5481785\">Consumers Bear the Brunt of Net Zero Agenda, Critics Say<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/29\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/article\/consumers-bear-the-brunt-of-net-zero-agenda-critics-say-5481785\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/opinion\/a-swedish-breakaway-from-the-net-zero-fantasy-5481626\">A Swedish Breakaway From the Net-Zero Fantasy<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/28\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/opinion\/a-swedish-breakaway-from-the-net-zero-fantasy-5481626\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"my-5\">\n<p>The NZFSPA is part of the UN-sponsored Glasgow Financial\u2063 Alliance for Net Zero (GFANZ), which <a href=\"https:\/\/www.gfanzero.com\" target=\"_blank\" rel=\"noopener\">states<\/a> that it is \u201ca global coalition of leading financial institutions committed to accelerating \u2063the decarbonization of the economy.\u201d Other groups under the GFANZ umbrella \u2064include the Net Zero Asset Managers initiative (NZAMi), the Net Zero Banking Alliance (NZBA),\u200b the Net Zero Insurance Alliance (NZIA), and\u200d the Net Zero Asset Owners Alliance (NZAOA).<\/p>\n<\/div>\n<p>These alliances aim to align \u2063the entire global financial industry with the objective of reducing \u2064the production of\u200c oil, coal,\u2063 and natural gas.<\/p>\n<div class=\"shortcode post-related-videos\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/div>\n<p>However, the \u200cissue these members face\u200c is that their collective action \u200dmay be in violation of U.S. antitrust\u2063 laws, including the Sherman Antitrust Act of 1890, which prohibits collusion among companies or industries. The &#8220;consumer\u200b welfare standard&#8221; \u200din antitrust law \u200balso considers the harm caused to\u200d consumers through \u200brestricted competition or increased prices.<\/p>\n<div class=\"my-5\">\n<p>According to the state AGs\u2019 <a href=\"https:\/\/www.tn.gov\/content\/dam\/tn\/attorneygeneral\/documents\/pr\/2023\/pr23-37-letter.pdf\" target=\"_blank\" rel=\"noopener\">letter<\/a>, both federal and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-ags-warn-financial-services-climate-group-members-they-may-be-violating-antitrust-laws\/\" title=\"State AGs caution Financial Services Climate Group members about potential antitrust law violations.\">state laws broadly \u2064prohibit business competitors<\/a> from engaging in concerted \u200daction that restrains trade\u200b or commerce.<\/p>\n<\/div>\n<p>\u201cAccordingly, \u2063collective agreements to \u2064\u2018restrict production, sales, or output\u2019 are almost always \u200dillegal,\u201d\u2063 the AGs wrote. \u201cSimilarly, \u2018an agreement among competitors not to do business with targeted individuals or businesses may be \u200can illegal boycott, especially if the group of competitors working together has market power.\u2019\u201d<\/p>\n<div class=\"my-5\">\n<p><a href=\"https:\/\/www.theepochtimes.com\/article\/state-ags-charge-that-insurance-companies-net-zero-agenda-may-violate-us-antitrust-laws-5270877\" target=\"_blank\" rel=\"noopener\">Similar letters<\/a> were sent in May by 23 state AGs to 28 insurance companies that were members of the NZIA. Since the beginning of this year, half of the members of NZIA dropped out, in part over concerns about antitrust \u200dactions.<\/p>\n<\/div>\n<p>This effort was \u200bled by the attorneys general \u200dof Louisiana, \u2063Jeff Landry, and \u200dUtah&#8217;s Sean Reyes.<\/p>\n<div class=\"my-5\">\n<p>Vanguard, one of\u200b the world\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/large-investors-pushing-disney-into-culture-war-says-author-of-woke-inc\/\" title=\"Large Investors Pushing Disney Into Culture War, Says Author of \u201cWoke, Inc.\u201d\">largest asset managers<\/a>, <a href=\"https:\/\/corporate.vanguard.com\/content\/corporatesite\/us\/en\/corp\/articles\/update-on-nzam-engagement.html\" target=\"_blank\" rel=\"noopener\">dropped\u200d out<\/a> \u200cof NZAM in December 2022.<\/p>\n<\/div>\n<p>\u201cWe\u2019ve seen some companies when they realize that what seemed like a good idea and a noble \u2063cause was actually a potential antitrust violation, \u200dthey\u2019ve withdrawn\u200d from the alliances,\u201d Mr. Skrmetti said.<\/p>\n<div class=\"my-5\">\n<p>\u201cIt\u2019s \u2064been a long time since many of these companies have faced serious antitrust inquiries, and it may be that\u200c they just weren\u2019t thinking in terms\u200b of potential exposure.\u201d<\/p>\n<\/div>\n<p>\u201cThey think, \u2018Hey, we\u2019re \u200bhelping the environment,\u2019 \u2062but the way that\u2062 this is structured, it\u2019s really <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senators-introduce-bill-aimed-at-controlling-big-tech-and-restoring-competition\/\" title=\"Senators Introduce Bill Aimed at Controlling Big Tech and Restoring Competition\">limiting consumer choice<\/a> by moving a big part \u2063of\u200b the industry all in\u200c the \u200cexact same direction,\u201d he\u200c said.<\/p>\n<p>\u201cOnce they got a proper understanding of what they were doing, I think perhaps many of them decided \u200dit was\u200d not worth the risk.\u201d<\/p>\n<p>The AGs\u2019 letter to members of the NZFSPA demands that they respond \u2064by Oct. 13\u2062 and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/no-bikinis-beach-volleyball-stars-boycott-qatar-event-because-of-no-bikini-policy\/\" title=\"No Bikinis: Beach Volleyball Stars Boycott Qatar Event Because Of No-Bikini Policy\">provide detailed information<\/a> about \u200btheir commitments and communications related to the alliance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Attorneys general of 22 U.S. states cautioned the Net Zero Financial Service Providers Alliance (NZFSPA) on Sept. 13, stating that their joint efforts against the fossil fuel sector might breach antitrust laws. They emphasized the importance of fair competition and protecting consumer welfare as mandated by state and federal regulations.<\/p>\n","protected":false},"author":887,"featured_media":2031819,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2031818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2031818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/887"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2031818"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2031818\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2031819"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2031818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2031818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2031818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}