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.
Maryland
Youth Reform Act advances out of Maryland Senate committee
Maryland
Maryland family wants answers after boy with special needs breaks leg in class
HYATTSVILLE, Md. — The parents of a 7-year-old first grader with autism are demanding answers from Prince George’s County Public Schools after their son suffered a severe leg fracture while at school — an injury no one has been able to explain.
Daevian Donaldson, a student at Felegy Elementary School in Hyattsville, is recovering from surgery after his femur was snapped and displaced during class last Friday, according to his parents, Daechele Kaufman and Anthony Donaldson.
RELATED | Prince George’s schools faces $150 million budget realignment: Superintendent explains
Kaufman said the day began normally as she dropped Daevian and his twin brother off for first grade. Around 9 a.m., she received an alarming phone call from the school.
“They just said he was on the floor screaming and didn’t want anyone to touch him,” Kaufman said.
She rushed to the school and found her son with obvious trauma to his leg. Neither staff nor Daevian — who communicates differently because he is on the autism spectrum — could explain how the injury occurred, she said.
Doctors later confirmed the severity of the injury through X-rays.
“When I saw the X-ray and one of the nurses said he was going to need surgery, all these wheels started turning,” Kaufman said.
Daevian Donaldson, a student at Felegy Elementary School in Hyattsville, is recovering from surgery after his femur was snapped and displaced during class, according to his parents. (7News)
The parents said they later learned Daevian’s regular teacher was attending a meeting at the time, and the special-needs classroom was being supervised by a substitute. They said no clear explanation has been provided for how a child could suffer such a serious injury without staff noticing what happened.
“It’s definitely neglect,” Kaufman said. “You can’t turn away and come back and say, ‘Oh, you fell,’ for a major injury like that. That’s not acceptable.”
After the family raised concerns publicly, Prince George’s County Public Schools issued a statement saying the district is investigating the incident and has placed the staff member involved on administrative leave.
Anthony Donaldson said that response does not go far enough.
“It needs to be more than one person on administrative leave,” he said. “Several people need to be evaluated on how they’re trained, or they need to be fired.”
Daevian is continuing to recover after surgery but is still experiencing pain, his parents said. As the interview concluded, the 7-year-old quietly asked for his medication.
The family said they want accountability — and assurances that other children, especially those with special needs, will be kept safe.
Maryland
Man killed in Maryland barn fire believed to be ‘The Wire’ actor Bobby J. Brown
The St. Mary’s County Sheriff’s Office is reporting that a 62-year-old man died in a barn fire at his home in Chaptico, Md. It’s believed that the victim was actor Bobby J. Brown, who starred on “The Wire.”
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