Fidelity Flubbed $100M Charitable Stock Sale, Economist Says

Law360, New York (October 23, 2020, 11:23 PM EDT) -- A California federal court overseeing a Zoom bench trial over Fidelity's handling of a $100 million charitable stock sale heard from an economist Friday who testified that the company was "irresponsible" in its execution of the money-losing sale.

Economist Ian Domowitz testified as an expert for plaintiffs Emily and Malcolm Fairbairn, who said Fidelity destroyed millions of dollars of value in a $100 million stock sale intended to offset a large tax bill and support research into Lyme disease via Fidelity's donor-advised fund, or DAF, a form of charitable giving that has skyrocketed in recent decades.

The Fairbairns claim Fidelity Investments...

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