Supreme Court agrees to hear Fidelity whistleblower case

[Eugene]

Source: Reuters

Supreme Court agrees to hear Fidelity whistleblower case

By Lawrence Hurley
WASHINGTON | Mon May 20, 2013 10:24am EDT

(Reuters) - In a case involving whistleblowers at Fidelity Investments, the U.S. Supreme Court on Monday agreed to consider whether mutual fund employees are subject to the same whistleblower protections as workers at publicly traded companies.

Two Fidelity whistleblowers asked the court to decide whether the Sarbanes-Oxley Act, which prevents public companies from retaliating against whistleblowers, applies to private companies serving under contract as advisers to public companies.

Sarbanes-Oxley was enacted in 2002 after accounting problems brought down energy company Enron Corp and communications provider WorldCom Inc.

Mutual fund companies have argued they should be exempt from the law because the funds themselves technically have no workers apart from their boards of directors and instead hire private management companies to invest their money.

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Read more: http://www.reuters.com/article/2013/05/20/us-usa-court-fidelity-idUSBRE94J0F020130520

[Laelth]

1. k&r for exposure. n/t

-Laelth

[Egalitarian Thug]

2. This needs more Orwell!

Reuters labels criminal fraud "accounting problems". Organized crime avoided prosecutions for decades by "hiring" outside contractors to carry out their schemes, now we are supposed to buy the exact same rationalization because now it is being done, not by low-class immigrant parasites, but by Ivy league parasites that don't even live up to their promises, something that was too foul even for the OG Mafia.

[siligut]

3. " . . . improper retention of $10 million of fees"

What else are they doing with our money? I use Fidelity and have some money in a managed IRA with them. The accounts that I manage have done consistently better over the years. Fidelity charges me $125 every quarter for their "expertise". I have been debating moving away from Fidelity altogether, this fraud may be the catalyst.

Fraud in healthcare and financial services is highly disturbing.