Georgetown Law Prof Skeptical Fidelity Sold Shares Carefully
Law360, San Francisco (October 28, 2020, 8:39 PM EDT) -- Fidelity Investments' charitable arm's rapid liquidation of stock placed in a donor-advised fund by California philanthropists is akin to selling donated art on the street because Christie's auction house is closed, a Georgetown Law professor testified Wednesday in a Zoom bench trial over allegations that Fidelity negligently managed their donation.
Georgetown Law professor Brian Galle, an expert witness called by Emily and Malcolm Fairbairn, testified that responsible charities liquidate assets by carefully, balancing their desire to unload them with their ability to get a good price.
"And sometimes that takes time," Galle said, explaining that his research into charities suggests that regardless...
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