More than 15,000 New York investors, including 2,700 Long Islanders, were forced to pay higher capital gains taxes after Vanguard made changes to retirement funds.

The Vanguard Group Inc., one of the world's largest asset managers, will pay a $106.41M penalty to resolve charges for allegedly misleading statements related to capital gains distributions and tax consequences for retail investors who held Vanguard Investor Target Retirement Funds in taxable accounts,

Vanguard Group Inc. and a subsidiary have agreed to pay $106 million for failing to notify investors of changes in retirement funds.

The Malvern investment giant was accused of alleged misleading statements to retail investors in targeted retirement funds.

Vanguard group will pay $106.4 million to settle charges brought by the Securities and Exchange Commission and state officials from New York, Connecticut and New Jersey over alleged misleading statements in fund prospectuses that led retirement plan investors to incur high capital gains taxes.

The settlement stems from a three-year multi-state task force investigation coordinated through the North American Securities Administrators Association’s Enforcement Section Committee.

Thousands of New Yorkers forced to pay higher taxes on their retirement savings are set to receive restitution after a $106 million, multi-state settlement was reached with Vanguard Group. The agreement,

The Vanguard Group, Inc. has agreed to pay $106.41 million to settle charges from the Securities and Exchange Commission (SEC) over misleading statements related to capital gains distributions and tax consequences for retail investors.