A U.S. Court of Appeals upheld a lower courts decision this week that the
The Vanguard Group has been planning to offer new exchange traded fund share classes that would be tied directly into the S&Ps 500. The share classes would be known as Vanguard Index Participation Equity Receipts, or VIPERs. But
McGraw Hill, which announced the ruling today, said in a statement that the decision is a victory for the company in controlling its trademark through licensing agreements. The court ruled that VIPERS shares represent "a fundamentally different type of investment product than conventional mutual fund shares," the statement said.
Vanguard officials could not be reached for comment.