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Fidelity Investments Company

BUSINESS
March 3, 2006 | From Bloomberg News
Fidelity Investments said Thursday that its 2005 profit grew 20% to $1.3 billion, even though the nation's largest mutual fund manager fell far behind rivals in drawing new investors. The privately held company has diversified in recent years by adding new businesses beyond its core mutual funds, and the financial numbers it included in its annual report showed several bright spots in non-core areas.
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BUSINESS
March 3, 2006 | From Bloomberg News
Brokerage Morgan Stanley has agreed to pay as much as $42.5 million to settle a lawsuit demanding overtime pay for its California brokers. The suit, which was filed on behalf of about 5,000 current and former commission-based brokers and broker trainees in the state, claimed that New York-based Morgan Stanley failed to pay required overtime and improperly deducted money from paychecks.
BUSINESS
November 1, 2005 | From Reuters
Fidelity Investments said Monday that Robert Stansky, manager of its struggling flagship Magellan Fund, would retire as the world's largest mutual fund company moved to shake up some of its laggard funds. Harry Lange, 53, manager of the Capital Appreciation Fund and Advisor Small Cap portfolio, will succeed Stansky.
BUSINESS
October 29, 2005 | From Bloomberg News
Fidelity Investments on Friday said that its largest shareholder, Abigail Johnson, long considered a top candidate to succeed her father as chairman and chief executive, sold some of her voting stake in the mutual-fund giant to family trusts. The news raised doubt about whether Abigail Johnson still was the leading candidate to head the firm when her father, Edward Johnson III, retires. Fidelity, which manages $1.1 trillion in assets, didn't say how much of her 24.5% stake was sold.
BUSINESS
September 8, 2005 | From Bloomberg News
Former Beatle Paul McCartney will be featured as part of a national advertising campaign for Fidelity Investments, the largest U.S. mutual fund management company, the company said Wednesday. Fidelity also will co-sponsor McCartney's 11-week U.S. concert tour, which starts Sept. 16 in Miami. The ad takes viewers through events and accomplishments of the 63-year-old musician's life.
BUSINESS
August 6, 2005 | From Bloomberg News
Scott DeSano, former chief of stock trading at Fidelity Investments, was told by the Securities and Exchange Commission that he might be sued as part of its probe into gift giving by brokers seeking business from Fidelity, a person familiar with the case said Friday. The SEC sent DeSano, 44, a so-called Wells notice, signaling that its staff might recommend a lawsuit and allowing him to dispute the allegations, said the person, who spoke on condition he not be named.
BUSINESS
July 26, 2005 | From Bloomberg News
Fidelity Investments said Monday that it might be sued by the Securities and Exchange Commission for violating rules on taking gifts from brokers, in what would be a rare legal rebuke of the world's largest mutual fund company. The SEC has been investigating whether brokers seeking trading business plied Fidelity employees with golf outings, expensive wine and trips to events including the Super Bowl. The agency's Boston office may recommend civil action, Fidelity said in a statement.
BUSINESS
June 29, 2005 | From Reuters
Fidelity Investments' family owners recently met with financial regulators as the government probes whether gifts were exchanged for business at the world's biggest mutual fund company, according to a published report Tuesday. The Wall Street Journal, citing people familiar with the matter, said the Securities and Exchange Commission was looking into tickets that Fidelity Chairman Edward Johnson and his wife accepted from a Wall Street firm to attend a skating event at the 2002 Winter Olympics.
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