The first-of-its-kind ESG lawsuit was filed by the state of Tennessee

Tennessee sues BlackRock in first-of-its-kind ESG lawsuit. Lawsuit alleges firm violated consumer protection laws by pursuing climate initiatives. State says it's a violation of consumer protection law by pursuing green initiatives. BlackRock is a multi-billion dollar asset manager with more than 1,000 employees.

BlackRock admits ESG advocacy could hurt its bottom line. BlackRock said in a filing to the Securities and Exchanges Commission that the "significant media converge" it receives on ESG policy could hurt business. The company said it is concerned about the impact of the media coverage of ESG policies.