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Fairbairn et al v. Fidelity Investments Charitable Gift Fund
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3:18-cv-04881
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December 22, 2021
Top Federal Tax Cases Of 2021
In 2021, the U.S. Supreme Court declined to review an IRS summons seeking the identities of a law firm's clients, while federal courts rebuffed constitutional challenges to passport revocations and issued other noteworthy tax-related rulings. Here, Law360 looks back at some of the most significant federal tax decisions of the year.
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February 26, 2021
Fidelity Nabs Bench Trial Win Over $100M Stock Sale
A philanthropist couple did "not come close" to proving that a Fidelity-affiliated donor-advised fund sponsor violated a standard of care in the liquidation of their $100 million stock donation, a California federal magistrate judge ruled Friday, roughly four months after presiding over a liability bench trial on the matter.
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December 04, 2020
Fidelity Trial Wraps With Judge Questioning VP's Credibility
A California federal judge probed the "inconsistent" testimony of a vice president at Fidelity Investments' charitable arm over alleged mismanagement of a donor-advised fund, questioning during closing arguments in a bench trial Friday whether the executive made empty promises to philanthropists to land their $100 million donation.
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October 28, 2020
Georgetown Law Prof Skeptical Fidelity Sold Shares Carefully
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.
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October 27, 2020
Fidelity Charitable President Defends Share Liquidation
A Fidelity-affiliated donor-advised fund sponsor acted properly when it liquidated stock donated by California philanthropists, the organization's president testified Tuesday in a trial over their allegations that their donation was mismanaged.
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October 26, 2020
Ex-SEC Chief Economist Says Fidelity Bungled Sale Of Shares
A former chief economist for the U.S. Securities and Exchange Commission testified Monday in a California federal bench trial over claims Fidelity Investments' charitable giving arm negligently liquidated shares in a donor-advised fund, saying Fidelity's rapid sale of the donation took 18% off the value of the shares.
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October 23, 2020
Fidelity Flubbed $100M Charitable Stock Sale, Economist Says
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.
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October 21, 2020
Fidelity Sale Of Donated Funds Was 'Nightmare,' Judge Hears
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.
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October 20, 2020
Fidelity VP Texted That Charitable Arm 'Botched' Share Sales
Philanthropists who claim Fidelity Investments' charitable arm made false promises to secure their donations of stock called a Fidelity vice president to testify during a bench trial before a California federal judge Tuesday about text messages he sent labeling trades of the shares as "botched" and "amateur hour."
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October 19, 2020
Fidelity Blasted At Trial For 'Blindly Dumping' Donated Shares
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.