Proposed Class Action Against Vanguard Advances
A prospective class action filed by a couple claiming investment firm Vanguard overcharged them on share commissions by 250 percent can move forward on a breach of contract claim.
May 30, 2017 at 04:47 PM
3 minute read
A prospective class action filed by a couple claiming investment firm Vanguard overcharged them on share commissions by 250 percent can move forward on a breach of contract claim.
U.S. District Judge Cynthia Rufe of the Eastern District of Pennsylvania granted in part and denied in part Vanguard's motion to dismiss Alex and Orit Taksir's case against Vanguard. While allowing the breach of contract claim to go through, Rufe tossed the Unfair Trade Practices and Consumer Protection Law claim.
The Taksirs claimed that after they joined the “Vanguard Voyager” program, an enhanced service offered by the firm, the commission per share went up from two dollars to seven dollars, something the couple alleged they were not informed would happen.
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