Fleet Financial Group, which won the bidding last month to buy the mutual fund business of International Business Machines Corp., may be in for a bitter fight with a disappointed rival.

The Vanguard Group, the nation's second-largest mutual fund company, is crying foul over the $14 million deal for the five IBM Funds, which hold $650 million in assets. John C. Bogle, Vanguard's chairman, has changed that the transaction will line IBM's pockets at the expense of the fund's 70,000 investors.

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