Are the $40M class-action settlement from Vanguard and the $106M SEC settlement from Vanguard mutually exclusive?
Hi all,
A couple months ago, it was announced that Vanguard settled its class-action suit with investors for $40M. This suit was based on the 2021 situation where vanguard reorganized its fund structure and lots of people who held certain Target Date Funds in taxable accounts saw MASSIVE capital gains as a result of Vanguard selling things off. The last date to submit claims is Feb 11.
A week or two ago Vanguard settled with the SEC, over the same conduct, for $106M to be put in a "Fair Fund" for restitution to injured investors.
Will people who already submitted a claim in the class-action suit, or those who do so before February 11th, and get some small amount be precluded from submitting a claim to the SEC Fair Fund for the remainder of their losses? Or can the two both be claimed, up to a combined recovery ceiling of the amount of damages?
Not asking for myself, but just wondering how securities law and civil procedure interact here.