Vanguard Escapes Suit Over Gambling Co. Investments

Law360, Wilmington (June 16, 2011, 7:37 PM EDT) -- A Delaware judge on Wednesday tossed a shareholder suit challenging the decision of two Vanguard Group Inc. funds to invest in offshore gambling operations, citing jurisdictional issues and deficiencies in the plaintiffs’ derivative claims.

The suit, lodged by Marylynn Hartsel and Deanna Parker in April 2010, sought to hold Vanguard and certain trustees that oversee its funds liable for losses incurred after federal authorities cracked down on offshore gambling operations in which the funds invested. The plaintiffs brought derivative claims on behalf of several Vanguard funds,...
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