More than 15,000 New York investors, including 2,700 Long Islanders, were forced to pay higher capital gains taxes after Vanguard made changes to retirement funds.

Vanguard Group will pay more than $106 million to settle US Securities and Exchange Commission allegations that it made misleading statements about capital gains distributions and tax consequences to retail investors who held popular target-date retirement funds in taxable accounts.

The violations stem from a 2020 change where Vanguard lowered the minimum investment requirement for its institutional target date funds.

The charges are over misleading statements related to capital gains distributions and tax consequences for retail investors

Vanguard Group will pay $106.41 million to settle a Securities and Exchange Commission investigation related to its target-date retirement funds, the agency said Friday. The asset manager failed to di

The Vanguard Group, Inc. has agreed to pay $106.41 million to settle charges from the Securities and Exchange Commission (SEC) over misleading statements related to capital gains distributions and tax consequences for retail investors.

The money will go to target-date fund investors whom the company failed to warn about capital gains tax hits, the SEC said.

Vanguard to pay $106.41M penalty for misleading investors on capital gains distributions and tax consequences in target date retirement funds.

The SEC found that retail investors in certain Vanguard target retirement funds faced higher tax liabilities and were deprived of potential growth in their investment after Vanguard failed to make fulsome disclosures to investors,