– Global investment management companyVanguard has reached a settlement agreement with the state of Texas.
As reported by The Financial Times (paywall), the Lone Star State’s authorities had accused Vanguard and other large US fund managers of conspiring to curb coal-related investments as part of ESG strategies, alleging anti-competitive conduct and urging the state to divest public funds from firms perceived as hostile to fossil fuels.
The case was brought by Texas Attorney General Ken Paxton against BlackRock, State Street and Vanguard.
Vanguard’s willingness to settle could influence other funds confronting comparable lawsuits and legislative actions.
– The SEC is overhauling key aspects of its enforcement procedures, including giving targets of investigations more time to respond to notices of potential charges, according to a newly published enforcement manual update.
According to Dow Jones Risk Journal, under the revisions recipients of Wells notices will now typically have four weeks to craft and submit their responses, up from about two weeks in the past. They will also be guaranteed a meeting with SEC enforcement staff within four weeks of filing their response, enhancing dialogue between regulators and those under scrutiny.
The SEC says the changes aim to bring more uniformity, transparency and fairness to a historically uneven process that varied by office and case. The manual also formalizes guidance on effective responses as well as protocols for settlement talks and waiver considerations.
– Activist investor Elliott Investment Management has publicly backed the London Stock Exchange Group’s (LSEG) £3 bn ($4 bn) share buyback but signaled it still sees room for additional value-enhancing actions at the financial markets operator.
According to Reuters (paywall), Elliott welcomed the record repurchase plan and recent margin improvement measures announced alongside LSEG’s 2025 results.
However, the activist hedge fund reiterated its view that further initiatives – such as a broader portfolio review, stronger strategic communication on AI and potentially larger share returns – could better unlock shareholder value.
– AT&T has agreed to settle a lawsuit brought by four New York City public pension funds by allowing shareholders to vote on a diversity disclosure proposal at its upcoming 2026 AGM.
As reported by Reuters, the settlement comes after the pension funds sued in federal court to stop AT&T from soliciting proxies that excluded their proposal, which calls for the company to disclose the racial, ethnic and gender composition of its roughly 133,000-strong workforce under customary EEO-1 reporting standards.
New York City Comptroller Mark Levine hailed the resolution as a ‘major win’ for transparency and accountability, noting it requires shareholders to decide whether AT&T should provide detailed demographic data to help assess its progress on equal opportunity.
AT&T did not immediately comment following the settlement announcement.
– Colgate-Palmolive is preparing to defend its use of DEI criteria in selecting board nominees after a shareholder group filed a proposal seeking their removal.
The National Legal and Policy Center (NLPC) has requested a vote at Colgate’s next annual meeting to strip race, gender and sexual orientation from the factors the company considers when identifying future directors.
In a letter reviewed by Bloomberg (paywall), Colgate said it will ask investors to vote against the proposal, arguing that its current approach ensures a broad range of skills, experiences and perspectives at the board level.
Colgate noted that diverse board composition supports its global business, with roughly two-thirds of sales outside the US and three current nominees from underrepresented communities.
– Paramount has successfully secured a deal to acquire Warner Bros. Discovery’s assets after streaming giant Netflix walked away from a previously agreed merger, ending a months-long takeover battle that had unsettled media markets.
According to the Financial Times, the revised agreement sees Paramount paying approximately $30 per share in cash – valuing the transaction at about $108 bn –with contractual incentives to reassure Warner shareholders amid regulatory scrutiny and strategic uncertainty.
Netflix’s retreat followed growing antitrust concerns from US regulators and industry criticism, which raised questions about the likelihood of federal approval