Securities Class Action Filed Against Vanguard Group for Alleged Purchases of Gambling Businesses

A securities class action has been filed against Vanguard Group Inc. and several of its executives for its alleged illegal investment in companies running Internet gambling businesses banned in the U.S.  

Bloomberg reports that according to the complaint, Vanguard violated U.S. racketeering laws and breached their fiduciary duties to investors by acquiring stock in the Web-based “illegal gambling businesses.”  The complaint was filed Friday in U.S. District Court in New York.

The case is McBrearty v. The Vanguard Group, 08cv7650, U.S. District Court, Southern District of New York (Manhattan).

Read the Bloomberg article

2 Comments

  • Jennie Belus
    Posted April 15, 2009, 8:54 pm 8:54 pm 0Likes

    Give me information on this case McBrearty v. The Vanguard Group and address concerning this class action suit.

  • John Jackson
    Posted April 1, 2010, 9:23 pm 9:23 pm 0Likes

    I am a beneficiary of a Trust Fund administered by Vanguard’s Asset Management Services Group. In response to several screw-ups by Vanguard, I e-mailed a message to the best contact I could find, requesting that my e-mail be sent directly to the CEO. I believe that they never forwarded the message to him.

    Would someone please tell me how to get a message to the CEO (that can’t be intercepted.) P.S. I am the son of a former member of the Board of Directors at Vanguard — and I still can’t get a respectful response from them.

    Also, does anyone here know what regulatory agency has oversight responsibility over Vanguard?

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