Fidelity Nabs Bench Trial Win Over $100M Stock Sale
Law360 (February 26, 2021, 11:11 PM EST) -- A philanthropist couple did "not come close" to proving that a Fidelity-affiliated donor-advised fund sponsor violated a standard of care in the liquidation of their $100 million stock donation, a California federal magistrate judge ruled Friday, roughly four months after presiding over a liability bench trial on the matter.
Emily and Malcolm Fairbairn alleged that Fidelity Investments Charitable Gift Fund made false promises to induce them to transfer their stock to a donor-advised fund, but then sold all of it in less than three hours on the last trading day in 2017, harming the price of the stock and reducing their...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!