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...

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