Fidelity Blasted At Trial For 'Blindly Dumping' Donated Shares
Law360, San Francisco (October 19, 2020, 10:47 PM EDT) -- Fidelity Investments' charitable giving arm made false promises to philanthropists to secure their donation of stock and then exhibited "gross incompetence" by "blindly dumping" the shares, a California federal magistrate judge heard Monday during opening arguments in a closely watched bench trial over who controls gifts made to donor-advised funds.
California couple Emily and Malcolm Fairbairn say Fidelity Investments Charitable Gift Fund made false representations and negligently liquidated their $100 million donation for organizations combating Lyme disease when it used trading methods that drove down the price of their donated stock, leaving millions less to donate to charities and reducing the size...
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