A Medical ID Business, Much Criticized, Plans A Stock Offering Applied Digital Solutions is about to test Wall Street’s interest in technology to implant radio chips in humans with an I.P.O. in its nascent business, the VeriChip Corporation.... Read Full Article China Releases Jailed New York Times Employee Zhao Yan, a Chinese research assistant for The New York Times, was released from a Beijing prison.... Read Full Article Aussie Party Boy Corey Delaney Finds Stardom Online A boy who threw a house party that ended in a near-riot of 500 people has acquired cult status, striking a magazine deal, fielding lucrative offers to promote underage events and inspiring suppo... Read Full Article Subpoena Issued To Beazer Homes On Mortgage Loans One of the largest home builders in the country said it had received a grand jury subpoena from a United States attorney’s office.... Read Full Article Celebrity Chef Sells His TV Shows And Products To Martha Stewart Martha Stewart Living Omnimedia bought portions of Emeril Lagasse’s franchise for $45 million in cash and $5 million in stock, her company’s first major acquisition.... Read Full Article |
Fidelity Makes Restitution In Gifts CaseBOSTON, Dec. 21 ( Reuters) — Fidelity Investments said Thursday that it would pay more than $42 million to its mutual funds after a review found that its traders had misdirected business to brokers who gave them expensive gifts. But the report, by the firms independent trustees, said it was statistically impossible to prove whether fund investors were cheated during the gifts-and-gratuities scandal at Fidelity, the worlds largest mutual fund firm. The report said Fidelity, which is based in Boston and manages roughly $2.8 trillion in customer assets, had failed to properly supervise employees who accepted gifts that included sports tickets, and it concluded that certain traders had misdirected order flows among brokerage firms. This exposed the funds to the potential risks of adverse publicity, loss of credibility with their principal regulators and loss of fund shareholders, the report said. Fidelitys chairman, Edward C. Johnson III, apologized to investors in a letter posted on the firms Web site. The chairmans words earned praise from analysts even though outsiders said it was too soon to say how inquiries by the Securities and Exchange Commission and NASD would end. Tag CloudExternal InformationAdditional InformationChrysalis in sale talks with music majors...News Analysis: For CBS, Long-Simmering Troubles That One Star Couldn?t Solve... Abbott Laboratories Profit Flat... As Bhutto is laid to rest, the real worry is the dollar... Where Am I?News Main Page - Business - Fidelity Makes Restitution In Gifts Case |
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