Several thousands of Illinois residents are eligible to receive a share of a $106 million multi-state settlement with mutual fund Investor Company Vanguard, which is accused of failing to disclose tax implications of its retirement funds, Illinois Secretary of State Alexi Giannoulias announced. According to the settlement, Vanguard failed to disclose potential tax consequences to investors that resulted in higher capital gains taxes for some investors. In Illinois, it led to approximately 9,000 investors paying higher than expected capital gains taxes on some retirement funds, Giannoulias added. The settlement stems from a three-year multi-state task force investigation coordinated through the North American Securities Administrators Association’s (NASAA) Enforcement Section Committee, to conduct a comprehensive investigation, parallel to a concurrent investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has established a fund and will notify the investors who were impacted and distribute remediation payments to compensate for the capital gains taxes. If you have questions or concerns about your investments or financial professional, contact the Illinois Secretary of State Securities office at (217) 782-2256.