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Rating:Vanguard Wins a Partial Victory in an Offshore Gambling Suit Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 08, 2009

Vanguard Wins a Partial Victory in an Offshore Gambling Suit

Reported by Neil Anderson, Managing Editor

Vanguard has partially beaten back a lawsuit over the Vanguard European Stock Index Fund and the Vanguard Global Equity Fund, but the fight isn't over yet. Last summer several investors sued the fund firm over losses in the two funds stemming from government action against offshore gambling operations (see The MFWire, 09/02/09), and on April 2 U.S. District Judge Denise Cote dismissed the federal aspect (under the Racketeer Influenced and Corrupt Organizations Act) of the case while leaving the door open to a re-filing of the reset of the suit in state court.

"Intervening events, and not the defendants' investment decisions, proximately caused the plaintiffs' investment losses," concluded Cote. 

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