A U.S. Court of Appeals upheld a lower court’s decision this week that the Vanguard Group cannot use the Standard & Poor’s trademark in conjunction with its VIPER share classes.

The Vanguard Group has been planning to offer new exchange traded fund share classes that would be tied directly into the S&P’s 500. The share classes would be known as Vanguard Index Participation Equity Receipts, or VIPERs. But McGraw Hill, parent company of S&P’s, has battled those plans, claiming that Vanguard’s use of the S&P’s trademark violates a licensing contract the companies struck in 1988.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.