Vanguard to pay millions to mutual fund investors hit with big tax bills

(Reuters) Vanguard Group, the largest mutual fund company, on Wednesday reached a $6.25 million settlement to resolve regulatory charges it failed to warn many fund investors that they would face surprisingly big tax bills. The settlement with Massachusetts Secretary of State William Galvin concerned Vanguard’s popular target-date retirement funds, which contain mixes of stocks, bonds and cash that are designed to become less risky as investors age.

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