MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, September 2, 2008 Vanguard and American Century are Sued Over Illegal Bets Shareholders in Vanguard's and American Century's funds are suing the firms over investments in illegal offshore gambling operations. Reuters reports that a the suit filed Friday in U.S. District court, claims that shareholders in the funds suffered significant losses when the government arrested the principals of said gambling establishments. No amount was specified in the lawsuit, although Tom Sheridan, an attorney for the plaintiffs estimated the losses to be over $10 million. Last Thursday, a similar suit was filed against American Century Funds. The U.S. began cracking down on offshore betting companies in 2006. A spokeswoman for Vanguard told the wire service that the company had not yet been served the lawsuit so no comment was available. Printed from: MFWire.com/story.asp?s=19195 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |