DAF Sponsor Not Liable For Damages in Liquidating Stock

Court finds Fidelity Gift Fund did not breach contract and was not liable for negligence in sale of gift stock

In a long-anticipated ruling, Fidelity Investments Charitable Gift Fund has been found not liable to the donors to a donor advised fund who claimed that they were damaged significantly when Fidelity sold all 1.9 million donated shares of a thinly-traded company in the last 2.5 hours of trading of the last day of trading in December 2017. A magistrate judge in a Federal District Court in California has dismissed all of the donors’ claims.

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DAF Sponsor Not Liable For Damages in Liquidating Stock

DAF Sponsor Not Liable For Damages in Liquidating Stock