Republican Ron Schutz, the 2026 candidate for Minnesota attorney general, owns more than $10,000 of stock in 174 companies, totaling at least $1.74 million, according to his economic disclosure. His investments span industries often subject to litigation, including pharmaceuticals, banking, and artificial intelligence. At least six of the companies in his portfolio are currently being sued by the state of Minnesota.
Richard Painter, a University of Minnesota law professor and former chief ethics lawyer to President George W. Bush, stated that Schutz’s stock holdings present clear conflicts of interest that would make it impossible for him to carry out the duties of the office. Painter said, “He really needs to sell all that and buy mutual funds if he’s going to be attorney general. I hope he committed to doing that.” Schutz did not respond to a question about whether he would commit to doing so.
Candidates for office in Minnesota must disclose individual companies in which they or their spouse own more than $10,000 of stock, though not as part of index or mutual funds. Democratic Attorney General Keith Ellison, who is seeking a third term, does not have any individual stock holdings worth more than $10,000, according to his disclosure.
Schutz had a lucrative career as a patent attorney. He was chair of Robins Kaplan’s national intellectual property litigation group and went after large corporations like Sony and La-Z-Boy in business disputes over patent infringement, trade secret violations, and royalty payments.
Schutz’s portfolio includes corporations that have recently settled lawsuits with the state, and he would be responsible for monitoring for compliance: Eli Lilly, accused of charging exorbitant prices for insulin; Meta, over claims it made its apps addictive to children; and Shipt, accused of misclassifying workers. Schutz also owns stock in AT&T, Verizon, and T-Mobile, which settled an investigation two years ago over deceptive advertising with the state.
Schutz’s stake in BlackRock could also present a conflict of interest. The asset management giant recently took over the parent company of Minnesota Power, the utility provider for northeastern Minnesota, over Ellison’s objections. The Attorney General’s Office represents consumers in fights over rate increases proposed by utility companies.
Federal law is stricter than Minnesota’s when it comes to these potential conflicts: The U.S. attorney general cannot legally take part in a case again.
