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(Iowa) -- Iowa joins 12 other states in a settlement seeking to lower energy prices.
The group of 13 attorneys general settled the multi-state lawsuit against The Vanguard Group, arguing the organization drove up the price of coal, and therefore electricity overall, while falsely claiming to be investing in green energy. The Vanguard Group includes asset managers Black Rock, State Street, and Vanguard. As part of the settlement, Vanguard will allow investors in the organization to vote their own shares and pay $29.5 million dollars to the states involved in the settlement.
The Iowa Attorney General's Office says the settlement will ensure a low-cost coal industry and prevent industry-driven market manipulation. The states involved in the settlement include Texas, Iowa, Indiana, Alabama, Nebraska, Arkansas, Kansas, Missouri, Louisiana, Montana, Oklahoma, Wyoming, and West Virginia.