In addition to the $40 million Vanguard agreed to pay to investors as part of a class action suit in November, the SEC now finds that the firm did not provide retail investors accurate information about the capital gains and tax implications of a change to investment minimums.

The violations stem from a 2020 change where Vanguard lowered the minimum investment requirement for its institutional target date funds.

An investigation by the S.E.C. and several states found that the company had failed to notify investors of changes in the terms of some funds, leading to higher capital gains taxes.