Top of the Agenda - Legal

Vanguard board seeks lawsuit dismissal
The independent directors of Vanguard Funds have submitted a motion to dismiss a class-action lawsuit brought against them last March by a group of retail investors. The claims in the lawsuit center around high tax bills the investors received in 2021 that stemmed from unusually large capital gains distributions from ...  >> CONTINUE READING <<<

 

 

'40 Act lawyers: GSAM settlement raises questions
By Hillary Jackson
The news on Tuesday that Goldman Sachs Asset Management agreed to pay $4 million to settle Securities and Exchange Commission charges related to how it manages ESG mutual funds and other products has '40 Act lawyers pointing to inconsistencies and mixed messages coming from the regulator.
 
The SEC charged GSAM for ...  >> CONTINUE READING <<<

 

 

Vanguard, fund board hit with class-action suit over tax bills
By Hillary Jackson
The independent directors of Vanguard Funds were named last week as defendants in a class-action lawsuit brought by a group of retail investors. The plaintiffs' claims center around high tax bills they received in 2021 that stemmed from unusually large capital gains distributions from target-date funds held in taxable accounts. ...  >> CONTINUE READING <<<

 

 

Plaintiffs drop American Century 'closet indexing' suit
By Hillary Jackson
The plaintiffs in a class-action suit filed in November against American Century Investment Services, affiliated entities, fund directors, and some officers have voluntarily dismissed all claims. The suit accused defendants of so-called closet indexing, with the plaintiffs maintaining they paid fees for active management they did not get and also ...  >> CONTINUE READING <<<

 

 

'Closet indexing' suit targets American Century, fund board
By Hillary Jackson
A class-action suit filed earlier this month that alleges so-called closet indexing targets American Century Investment Services and several affiliated entities, as well as the directors and some officers of the mutual fund at the center of the case. Plaintiffs maintain they paid fees for active management they did not ...  >> CONTINUE READING <<<

 

 


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