On February 26, 2026, the Texas Attorney General announced a $29.5 million settlement with Vanguard in multistate litigation alleging that major asset managers used stewardship and net‑zero initiatives to coordinate conduct among competing coal producers. Vanguard agreed to “strict passivity commitments” limiting its ability to influence corporate strategy or support environmental and social shareholder proposals, … Continue reading Fiduciary Stewardship, Systemic Risk, and Democratic Authority: A Critique of the Paxton–Vanguard Settlement