State Securities Regulators Reach Settlement with Vanguard

A gavel and a block i

State Securities Regulators Reach Settlement with Vanguard

**TRENTON, NJ** – The Office of the Attorney General, Division of Consumer Affairs, and Bureau of Securities have announced that New Jersey is part of a $106 million settlement with Vanguard Marketing Corporation and The Vanguard Group, Inc. This settlement involves Vanguard’s failure to supervise registered persons and disclose tax consequences after changes in investment minimums for target date retirement funds.

The settlement follows a three-year investigation by a multistate task force under the North American Securities Administrators Association (NASAA), co-led by New Jersey, Connecticut, and New York. The investigation ran parallel to a similar inquiry by the U.S. Securities and Exchange Commission (SEC).

Vanguard initially offered Institutional and Investor Target Retirement Funds with differing investment minimums. In December 2020, the minimum for Institutional TRFs dropped from $100 million to $5 million, leading many investors to redeem Investor TRF shares for Institutional TRF shares. This shift triggered capital gains taxes for hundreds of thousands of investors in the Investor TRFs, which Vanguard did not disclose.

The SEC will use its Fair Fund program to compensate the affected investors. Vanguard Group, Inc., the parent company of VMC, has not admitted or denied any

Delaware State Police Arrest Local Man for Felony DUI

Delaware state police arrest local man for felony dui - photo licensed by shore news network.

Delaware State Police Arrest Local Man for Felony DUI

**Newark, DE** – The Delaware State Police apprehended Arturo Guerrero, aged 32, from New Castle, Delaware, on charges of a felony DUI after a police pursuit on Friday morning in Newark.

At approximately 1:10 a.m., in the Harmony Plaza area on Ogletown Stanton Road, a trooper on routine patrol noticed a 2014 Dodge Durango with a broken windshield. The vehicle was parked behind a dumpster, and as the trooper attempted to approach, the driver, Guerrero, ignored commands to stop and fled. During the chase, Guerrero committed several traffic violations until the vehicle stopped on Llangollen Boulevard, where he was arrested without incident. Troopers noted signs of impairment, including the scent of alcohol on Guerrero’s breath.

He was escorted to Troop 2, where his record indicated four prior DUI convictions. Guerrero faced several charges, arraigned by Justice of the Peace Court 11, and was subsequently held at Howard R. Young Correctional Institution on a $12,800 cash bond.

Charges against Guerrero include his fifth offense of driving under the influence of alcohol, disregarding a police officer’s signal, aggressive driving, and additional