Mass. Probes BlackRock, Vanguard In Mutual Fund Tax Sweep

By Al Barbarino (January 25, 2022, 6:00 PM EST) -- Massachusetts has launched a tax disclosure investigation related to target-date mutual fund offerings of five large broker-dealers, including BlackRock, Fidelity and Vanguard, according to an announcement Tuesday.

Secretary of the Commonwealth Bill Galvin said his office is probing the broker-dealers' offerings of target-date mutual funds to retail investors after reports highlighted potential tax disclosure issues that "disproportionately impacted retail investors and resulted in some receiving hefty tax bills they did not expect."

"Financial institutions can't be permitted to protect one class of investors at the expense of another," Galvin said in a statement Tuesday, a day after announcing his bid for...

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