Vanguard’s $106 million settlement stems from a failure to disclose changes in retirement fund terms, resulting in higher capital gains taxes for numerous investors.
The SEC's investigation disclosed that Vanguard's misleading information led to unexpected tax burdens for over 15,000 New Yorkers, emphasizing the firm's inadequate communication practices.
Vanguard did not admit wrongdoing but agreed to a settlement as a part of a broader inquiry that criticized the firm for its lack of transparency.
The SEC revealed that the misleading statements originated from the 2020 and 2021 prospectuses, affecting hundreds of thousands of individuals in taxable accounts.
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