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This page was last updated on December 21, 2000. Articles by Fund Democracy: Archives SEC Rejects S&P Move to Stall Vanguard's Vipers, TheStreet.com (Dec. 14, 2000).
Abstract: The Securities and Exchange Commission summarily dismissed an attempt by Standard & Poor's to stop Vanguard from rolling out an exchange-traded version of its S&P 500 index fund. S&P and Vanguard have been locked in a trademark dispute since Vanguard first announced the creation of Vipers in May. In its hearing request, S&P argued that if Vanguard lost the trademark lawsuit its shareholders might be harmed. The SEC rejected S&P's claim, finding "that none of the issues [raised by S&P] warrants ordering a hearing." In response to S&P's claim that "a potentially chaotic situation could develop" if S&P prevailed in the trademark litigation, the SEC "determined that the litigation is not relevant to the issues the Act requires the Commission to consider in deciding whether to grant or deny the application." (View the full text of this article.) |