Fidelity Sale Of Donated Funds Was 'Nightmare,' Judge Hears

Law360, San Francisco (October 21, 2020, 10:21 PM EDT) -- Fidelity Investments' charitable arm engaged in the "reckless sale" of donated stock that caused a multimillion-dollar loss in value, a philanthropist testified during a California federal bench trial Wednesday, saying the sale was her "worst nightmare" and that Fidelity must restore the money earmarked for a Lyme disease charity to make things right.

"I was beyond horrified and I was very sad," philanthropist and former hedge fund manager Emily Fairbairn said during her at times emotional testimony, explaining that her family was passionate about making a $100 million donation to support research into Lyme disease, a tick-borne disease that had afflicted...

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