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Vanguard Settles US SEC Charges for $106.4 Million

Vanguard Group Inc. will pay $106 million to settle charges from the U.S. Securities and Exchange Commission related to undisclosed changes in retirement funds that raised tax liabilities for investors. The settlement, which was reached with the New York Attorney General and 45 other regulators, impacts over 15,000 New Yorkers who experienced increased capital gains taxes. Vanguard's omission of the consequences of reducing investment thresholds resulted in substantial taxable distributions for shareholders who retained their positions in the funds. Vanguard accepted the penalty without admitting or denying the SEC's conclusions and is committed to further assisting its investors.