"Vanguard Group, Inc, has settled with the Massachusetts Secretary of State concerning its popular target-date retirement funds. In December 2020, Vanguard reduced the minimum investments for its institutional investors. This change triggered an outflow from its higher-cost funds, which resulted in the funds selling securities and generating capital gains for investors with taxable accounts. Vanguard did not admit any wrongdoing in the case. The settlement includes $5.5 million to Massachusetts investors holding taxable accounts and $750,000 to the State of Massachusetts."
I was wondering if other states have or will be targeting VG for a settlement ? Does anyone have any info ?
Comments
https://www.cnbc.com/2022/03/15/vanguard-created-big-tax-bills-for-target-date-fund-investors-lawsuit-claims.html
or
https://www.barrons.com/advisor/articles/vanguard-target-date-retirement-funds-lawsuit-51647366034
and from a law firm:
https://www.silverlaw.com/blog/did-you-get-hit-with-a-surprise-tax-bill-in-your-vanguard-target-date-retirement-fund/
Have a good week, Derf