Fidelity Must Allow Vote On "Genocide-Free" Investing

Law360, New York (January 25, 2008, 12:00 AM EST) -- Fidelity Investments has lost its first attempt to prevent a shareholder vote on a proposal designed to screen out any investments that contribute to the genocide in Darfur and other human rights violations.

In a letter dated Jan. 22 and sent to Fidelity's counsel, Dechert LLP, the U.S. Securities and Exchange Commission said it was unable to concur with Fidelity's view that the “genocide-free” proposal could be excluded from 10 of its funds' shareholder meetings.

“Accordingly, we do not believe that the funds may omit the...
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