Asset management giant Vanguard has been fined more than $100 million to settle charges related to disclosures around target date investment funds, the Securities and Exchange Commission announced Friday.

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.

Vanguard Group will pay $106.4 million to settle U.S. Securities and Exchange Commission charges alleging it failed to disclose important tax information about its popular target-date funds, resulting in hundreds of thousands of ordinary investors getting stuck with inflated tax bills.

Vanguard, one of the largest mutual fund companies in the United States agreed to pay investors $106 million, CNN reports.

Vanguard Group 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.

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

The mutual fund titan harmed investors by failing to disclose risks relating to capital gains distributions in its retail target-date retirement funds, according to the SEC.

Their misstep led to them being charged with not telling investors about the changes that were made, according to CNN.

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

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

Vanguard agreed to pay $106.4 million to the Securities and Exchange Commission Friday to settle charges for “misleading statements” connected to its target retirement funds that resulted in higher taxes for retail investors,