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Vanguard Class Barred By Litigation Reform, 3rd Circ. Told

Law360, Philadelphia (June 14, 2018, 7:15 PM EDT) -- The Vanguard Group Inc. urged the Third Circuit on Thursday to toss a putative class action alleging investors were overcharged commission fees, arguing the claim is barred under federal litigation reforms that limit the types of securities class actions consumers can lodge against companies.

The lawsuit by Alex and Orit Taksir, who alleged they were charged $7 commission fees despite being told the price was $2, is preempted by the Securities Litigation Uniform Standards Act of 1998, Dechert LLP partner Stuart T. Steinberg argued before a...
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