Massachusetts and Vanguard Group reach interesting settlement that gives the $8-trillion manager a shot at avoiding 49 copycat suits , quick cash for the state and 65% of a loaf for hapless investors
The William Galvin-driven settlement covers the state's legal fees and sets up restitution fund and a state pay-out, but a pending Pennsylvania lawsuit is likely the first of many to follow.
Related Moves
During CEO Tim Buckley's waning months, Vanguard is imposing fees that may affect its older investors, while hand-off to Ascensus of certain IRA and 401(k) products also comes with some sticker shock
The Malvern, Pa., giant transferred SEP IRA and 401(k) assets to its recordkeeper, which immediately imposed new fees, while Vanguard's new pricing schedule includes a commission to phone in Vanguard fund sales or purchases
May 2, 2024 at 1:27 AM
Biz Briefs: SEC cracks down anew on RIA reverse churning ~ Envestnet borrows $350 million to buy its own stock ~ Fidelity is creating a crypto waiting list while exec questions crypto ecosystem
Fed up SEC is ready to take on all nonsense at once; stock shocks, Orwell's new name game; Fidelity hosts a line dance
November 18, 2022 at 2:56 AM
Oisín's Bits: Betterment now a robo roll-up with Canadian IPO as catalyst • Insurers risk regulation for COVID-19 coverage delays • Vanguard shifts Asia focus to China's vast mom-pop retail market
Betterment rolls up a robo • The CFA warns insurers over COVID-19 life polices • Vanguard names Chinese fund head to pursue $6 trillion market.
March 5, 2021 at 1:16 AM
Karin Risi, who built $170-billion Vanguard Personal Advisor Services, takes new role and Matt Benchener is taking her spot as head of US retail for the $6.3 trillion manager
Risi now heads planning and still directly reports to CEO Tim Buckley and her 34 year-old understudy, Benchener gets her job at year's end.