A former Vanguard Group employee sued the largest U.S. mutual fund company, accusing it of operating an illegal tax shelter for around 40 years by providing services at prices designed to avoid federal and state income tax.
The complaint was filed under the False Claims Act, a whistleblower law in New York State.
Vanguard Group avoided taxes
The lawsuit was filed in New York last year by a then-Vanguard Group Inc. tax attorney, and unsealed Friday in state court in Manhattan. The suit alleges that the mutual fund company has wrongly avoided paying taxes since its inception in the 1970s.
The suit...
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