(Reuters) - The Vanguard Group has agreed to pay $106.4 million to settle U.S. Securities and Exchange Commission (SEC) charges over misleading statements related to capital gains distributions and tax consequences for retail investors, the regulator said on Friday.

Regulators penalized Vanguard over allegedly misleading statements after the company made changes to target-date funds that stuck some investors with big tax bills.

Vanguard Group Inc. will pay more than $106 million to settle US Securities and Exchange Commission allegations that it made misleading statements about capital gains distributions and tax consequences to retail investors who held popular target-date retirement funds in taxable accounts.

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 Vanguard Group has agreed to pay $106.4 million to settle U.S. Securities and Exchange Commission (SEC) charges over misleading statements related to capital gains distributions and tax consequences for retail investors,

The SEC said a lack of notifications by Vanguard drove higher capital gains tax bills for many retail investors.

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.

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,