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Rating:Vanguard Faces Another Suit Over Alleged 'Illegal Gambling' Investments Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, April 08, 2010

Vanguard Faces Another Suit Over Alleged 'Illegal Gambling' Investments

News summary by MFWire's editors

Vanguard is facing another complaint from shareholders accusing the fund firm of investing in illegal offshore Internet gambling businesses.

The suit was filed by two fund shareholders in Delaware state court on Thursday, Reuters reports.

Vanguard spokesperson John Woerth told Reuters: "We feel it is important to emphasize that Vanguard adheres to the highest ethical standards in every aspect of our business. We believe that the plaintiffs' case is without merit, and we intend to defend the matter vigorously."

Reuters notes that the Delaware plaintiffs lodged a similar complaint in Manhattan federal court in August 2008, alleging that Vanguard violated the Racketeer Influenced and Corrupt Organizations Act. The judge dismissed the RICO claims in April of last year.

The suit filed Thursday is among those filed by New York attorney Thomas Sheridan on behalf of plaintiffs suing fund firms over investments in online gambling companies.

There have been cases filed in Missouri and New York against American Century and in California against Causeway Capital Management. 

Edited by: InvestmentWires Staff, 

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