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Vanguard Wants Gambling Investment Suit Tossed

Law360 (February 9, 2011, 8:20 PM EST) -- The Vanguard Group Inc. argued Wednesday for a court to dismiss a shareholder suit seeking compensation for losses incurred after federal authorities cracked down on offshore gambling operations in which several Vanguard funds had invested.

At a hearing in the Delaware Chancery Court, attorneys for Vanguard and eight trustees that manage its funds argued the suit should be dismissed because the plaintiffs did not show that a conflict of interest would prevent the trustees from making a business judgment on whether to pursue the claims themselves....
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