The Vanguard Group Hit with Securities Lawsuit Over Enhanced Services

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A class action has been filed against The Vanguard Group on behalf of individuals who bought securities through its Voyager Select or other Enhanced Services programs who paid a commission and sales charge higher than allowed by the services’ terms.

The complaint says clients who maintain certain pre-determined levels of assets with Vanguard, one of the most prominent investment and brokerage service providers, are eligible for reduced commissions and sales charges through the defendant’s Enhanced Services programs. The plaintiffs, whose assets qualified them for such discounts, were charged a commission fee of $7.00 each for two IRA account transactions that should’ve only cost $2.00 each, a charge the complaint says is 300 percent greater than allowed by the outlined terms on Vanguard’s website.