What was the "ethics" story with Fidelity Investments having to seat a new board of directors?

[Kolesar]

Somebody mentioned it in passing at work and then I remembered a headline on public radio that Fidelity Investments had "seated" a new board of directors for one major part of the company. The company has annuities, insurance, mutual funds, and brokerage services. Apparently, there was an "ethics problem" in one of the divisions. Does anybody know what happened?

I have had investments at Fidelity since the 1990s. I have not observed any problems and I am happy with them. However, I would consider moving my investments.

[A HERETIC I AM]

1. A Google search using "Fidelity Investments+Ethics"

or "Fidelity Investments+Board of Directors" reveals only articles that are 4 years old or older.

It is possible that what was referred to had to do with the re-opening of the Magellan Fund last week to new investors and the hiring of and/or repositioning of fund managers and analysts.

A check of the FINRA website reveals several other articles, but none that relate directly to what you mention.

http://search.finra.org/search?q=fidelity&filter=0&entqr=0&ie=UTF-8&ud=1&oe=UTF-8&site=default_collection&client=default_frontend&output=xml_no_dtd&proxystylesheet=default_frontend

[Kolesar]

2. Thank you

That's about as far as I got. My coworker who dropped this hint just started another job somewhere else, so the trail is cold.