Illinois Secretary of State Joins $106 Million Multi-State Settlement with Vanguard
SPRINGFIELD - Several thousands of Illinois residents are eligible to receive a share of a $106 million multi-state settlement with mutual fund investor company Vanguard, which is accused of failing to disclose tax implications of its retirement funds, Illinois Secretary of State Alexi Giannoulias announced. According to the settlement, Vanguard failed to disclose potential tax consequences to investors that resulted in higher capital gains taxes for some investors. In Illinois, it led to approximately 9,000 investors paying higher than expected capital gains taxes on some retirement funds, Giannoulias added. “The Secretary of State’s office is committed to protecting Main Street investors and ensuring that companies operating in Illinois follow securities laws and are held accountable when they fail to do so,” said Giannoulias, who serves as co-chair of the National Association of Secretaries of State’s (NASS) Securities Committee. “Investment companies
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