Vanguard in the news

This page serves to provide you with stories related to the Vanguard lawsuits or regarding Vanguard in relations to employment issues or changes.

How well does Vanguard Pay? Anders Melin, Bloomberg, January 19, 2017

Vanguard Boss Paid Over $10million a year, Joe DiStefano, January 19, 2017

Vanguard Offering Severence and new benefits, Joe DiStefano, December 23, 2016

Vanguard Whistleblower Sues Vanguard for Retaliation, The Street, Susan Antilla, December 5, 2016.

California Lawmaker: Vanguard should pay no state taxes, Wall Street Journal, May 12, 2016. Sarah Krouse

California Lawmaker Mike Gatto proposes legislation to exempt Vanguard Mutual Fund Company from paying taxes in California, ‘because their heart is in the right place’. Joe DiStefano The Phildelphia Inquirer May 13, 2016

When lawyers get paid to blow the whistle on their bosses by Joe DiStefano April 28, 2016, this article presents a paper written by Dennis Ventry from David School of Law in CA presenting a case for why the NY Federal Courts got it wrong in dismissing David Danon vs Vanguard, a case of tax fraud.

SEC backs ex-vanguard employee, saying David Danon deserves Whistleblower protection, March 29, 2016, Joe DiStefano

Avoiding Vanguard’s Cyber Security Stumble, Compliance Week, March 22, 2016, John Reed Stark, the SEC should have some questions for Vanguard, and Vanguard should be providing some detailed answers to the ‘sending 71 account emails to the wrong investor’, no one should accept, ‘it’s an isolated matter’ and let it go.

Vanguard says sending 71 account emails to the wrong investor was an ‘isolated matter’, by Susan Antilla, February 25, 2016, the article goes on to give another example of a Vanguard shareholders account going to the wrong address for 29 years.

Billions and basis points Vanguard vs the IRS (updates), by Joe DiStefano, February 8, 2016, an update of Vanguard and status with IRS, with opinions from various sources weighing in.

How Much is Vanguard worth? by Joe DiStefano, December 16,2015, interestingly two key take aways int his article, Vanguard values The Vanguard Group at a worth of $250million, and in the SEC filing has noted in the footnotes that The Vanguard Group has borrowed $3billion for The Vanguard Mutual funds.

Vanguard Settles Ex Staffers’ Claims of Bias; ‘Managing Out’ employees, Ignites, by Beagan Wilcox Volz, February 9, 2016, a few take-aways, the Judge denied Vanguard’s request to dismiss filing of HOSTILE work environment, racial discrimination and retaliation in the form of lower performance reviews and measurements after reporting discriminatory behavior.

When workers complain: Discrimination lawsuits accuse Vanguard of targeting workers, by Erin Arvedlund,  January 15, 2016 online, 12/17/2016 in print, Erin reports the story behind the outstanding Vanguard law suits, quoting from a lawyer that there does appear to be some issues and questioning why Vanguard doesn’t address instead of litigate. Also calls into question the way Vanguard employees are evaluated.

New 401(k) suit targets Vanguard fund fees, January 5, 2016 by Greg lacurci, “Plaintiffs also allege excessive fees paid to Vanguard for record-keeping services. Over the period 2010-13, the plan paid approximately $80-$94 per participant for record keeping, both through hard-dollar and revenue-sharing fees; in September 2013, the expense was lowered to a flat annual $42 fee per participant. However, the “outside limit” of a reasonable fee for the plan would have been $30, according to the complaint”

Vanguard AKA America’s Sweatshop, link to recent glassdoor reviews

Reclassified staffer sues Vanguard to recoup wages, 12/17/2015, by Beagan Wilcox, class action lawsuit

Vanguard girding for tax hit, 12/16/2015, by Joe Morris, Vanguard quietly amended its fund service agreement….

Vanguard is Popular with Investors but not all Employees, 12/17/2015, by Susan Antilla, Susan shares some documentation including that less that 57% of Vanguard former or current employees would recommend Vanguard to a friend. She also shares mention of a ‘forced ranking system’ favoring certain employees, and provides quote for court depositions where managers have been told to rate good employees negatively. Eye opening.

Vanguard whistleblower could get billions in tax dodge complaint, 12/3/2015 Newsweek, by David Cay Johnston, he tells us in the article that Texas has sent a check to David Danon and based on a 5% ‘fee’ it appears Vanguard may have paid about $2.3 million in taxes, after audits where Texas found Vanguard did not pay enough. In addition, it goes on to tell us that based on Danon’s claims the  California Franchise Tax board believes it warrants opening a criminal investigation.

Vanguard workers to overtime list, Joe DiStefano provides this recent news, 10/15/2015, that Vanguard employees received. Will employees earn more or less on the new list? Are Vanguard employees excited about the changes, interestingly Joe notes that he’s had over 10,000 hits to the story since he published.

Employee blows whistle on Vanguard over alledged discrimnatory actions, 10/15/2015. Reported by Pennsylvania Records Report.

Vanguard fires whistleblower who told The Street about problems with client security. 9/18/2015, reported by Susan Antilla

Whistleblower David Danon hires tax expert and he states Vanguard may owe as much as $34 billion in back taxes. 9/24/2015, reported by Joe DiStefano

Is Vanguard making it to easy for cybercriminals, Susan Antilla speaks to Karen Brock, 8/10/2015, reported by Susan Antilla

A 26 year company Vet accuses Vanguard of Discrimination, Thom Parson is accusing Vanguard of racial and age based  discrimination and retaliation. Mutual Fund, 7/21/2015

Whistleblower alleges Vanguard cheated on taxes, Forbes reporter Kelly Phillips Erb, 12/7/2014

Who is David Danon, and what brought about his Vanguard lawsuit, reported by Joe DiStefano, 8/14/2014

Vanguard not shy about pressuring companies…., Vanguard doesn’t mind throwing their weight around boardroom, reported by Joe DiStefano, 11/10/2014

FMLA Retaliation & Disability Harassment: Employee who suffers adverse actions following his leave has viable claims, 2/4/2014 as reported by the Employee Discrimnation Reporter

Vanguard fights two race and age discrimnation suits, Outten & Golden, Ignites Beagan Wilcox Volz, 5/15/2013

Vanguard Group faces federal lawsuit over alleged racially discrimnatory practives, Pennsylvania Records Report, 8/10/2011

Vanguard settles discrimination case for $300,000 on behalf of a qualified black applicant who the federal agency says  was refused hire for a financial planning manager position, Philadelphia Business Journal, 1/5/2010

EEOC Sues Vanguard for Race Discrimination, press release, U.S. Equal Employment Opportunity Commission, 9/30/2009

Vanguard Group to pay $500,000 for Retaliation, press release, U.S. Equal Employment Opportunity, 2/29/2008