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WSJ News Exclusive | Vanguard to Pay $6 Million to Investors Hit With Big Tax Bills

A Vanguard Group subsidiary will pay about $6 million to Massachusetts investors who were whacked last year with unexpectedly painful tax bills.

Massachusetts securities regulators on Wednesday reached a $6.25 million settlement with Vanguard Marketing Corp., a subsidiary of Vanguard, following an investigation launched this year into changes the Malvern, Pa.-based financial giant made to its target-date funds.