A US investor is taking legal action against Fidelity Investments and its underlying units, accusing ...
A US investor is taking legal action against Fidelity Investments and its underlying units, accusing them of making misleading statements and risky investments in a bond fund that led to losses. Alan Zametkin’s case was brought last week to the US District Court of Massachusetts, with Fidelity, its brokerage arm and trustees of the funds accused of positioning its Ultra-Short Bond fund as a safe investment, despite holding money in high-risk mortgage-backed securities. The fund’s net asset value fell from a high of $9.58 last year to $8.25 this month, the court heard. Fidelity is alleg...
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