Maryland
Maryland AG joins $106 million multistate settlement with Vanguard
BALTIMORE — Maryland Attorney General Anthony Brown joined a $106 million multistate settlement with Vanguard over big tax bills, the AG said Wednesday.
According to the settlement, Vanguard failed to properly disclose tax implications when it lowered investment minimums for its Institutional Target Retirement Funds in 2020, triggering significant capital gains taxes for hundreds of thousands of retail investors.
“Marylanders who entrust their hard-earned money to investment firms deserve transparency and fairness-not surprises that cost them thousands in unexpected taxes,” Attorney General Brown said. “This settlement sends a clear message: we will hold companies accountable when they put profits over the interests of everyday investors.”
According to the investigation, Vanguard lowered investment minimums for its Institutional Target Retirement Funds mutual fund, which was historically purchased by institutional investors. The lowered investment minimums caused numerous retirement plan investors to redeem their investor TRF shares to purchase TRF shares.
When retirement plan investors moved to the newly accessible institutional funds, it forced the sale of highly appreciated assets in the original investor funds, creating unexpected tax burdens for remaining shareholders, according to the AG.
The SEC will notify impacted investors and compensate them with remediation payments through its Fair Fund program. The settlement covers both The Vanguard Group, Inc. and its subsidiary, Vanguard Marketing Corporation, a registered broker-dealer.
Maryland investors are encouraged to contact the state’s Securities Division at 410-576-6300.
Police said Dequan Gravely, 23, of Charles County, was driving northbound on Route 210 near Pine Drive when his Mercedes collided with the school bus turning left from the southbound lanes.
The driver of a car involved in a crash with a Prince George’s County school bus in Accokeek, Maryland, on Friday has been identified.
Prince George’s County police said Dequan Gravely, 23, of Bryans Road in Charles County, was driving northbound on Route 210 near Pine Drive around 7:20 a.m. when his Mercedes collided with the school bus turning left from the southbound lanes.
Investigators said the crash happened in the intersection, causing the school bus to flip onto its side. Gravely died at the scene.
The school bus driver was transported to a hospital and treated for injuries that were not considered life-threatening. Police said no students were on the bus at the time of the crash.
Investigators said they believe debris from the collision damaged a third vehicle. The driver of that vehicle “declined medical attention,” police said.
The Prince George’s County Police Department’s Collision Analysis and Reconstruction Unit is investigating. Anyone with information is asked to contact investigators at 301-731-4422.
WTOP’s Acacia James contributed to this report.
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A D.C. man won $5 million from a scratch-off lottery ticket in Maryland last week, and the matching number that netted him the prize happened to be his age.
Talk about a birthday surprise! A D.C. man won $5 million from a scratch-off lottery ticket in Maryland last week, and the matching number that netted him the prize happened to be his age.
Maurice Williams, a school bus driver in D.C., claimed the first top prize on a $5,000,000 LUXE scratch-off. He had used his $50 winnings from a previous LUXE scratch-off ticket to buy a new one the next day.
In a release from the Maryland Lottery, Williams said he didn’t know he had won until he scanned the ticket: “It’s crazy because the matching number was 59 and I just turned 59 the other day.”
Williams said he sat in shock for a while before calling his mother.
He said he plans to buy his mother a house with the winnings and then save up.
Two more top prizes from the scratch-off have yet to be claimed, the Maryland Lottery said, as well as nine $200,000 prizes, 10 $50,000 prizes and thousands of prizes ranging from $50 to $10,000.
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© 2026 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
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