Third Circuit: Alex Taksir v. Vanguard Group

State action for breach of contract in reference to undisclosed transaction fees is not barred by the terms of the securities act, as the misrepresentation is not in connection to the sale of the security, and would not be material to the transaction.  As the misrepresentation is outside of the act's scope, a fraud claim is similarly not forbidden.

http://www2.ca3.uscourts.gov/opinarch/173585p.pdf