MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, August 22, 2008 Fido Answers Galvin, Responds to Customer Complaints Fidelity has replied to Massachusetts Secretary of State William Galvin's, request that it buyback the auction-rate securities it sold to clients. Reuters reports that Fidelity delivered a letter to Galvin Thursday indicating that it would open to being helpful in the matter. Further details were not included. This is perhaps not a moment too soon as the Boston Globe reports that many customers who bought the ARS from Fidelity are getting increasingly upset. The customers claim that Fidelity reps told them the securities were safe and cash-like. Now many of those customers cannot access their money. Fidelity maintains that it did not proactively sell the ARS to clients. "There was no financial incentive for any Fidelity representative to mention auction-rate securities, nor was there any financial incentive for Fidelity as an institution to promote auction-rate securities," Fidelity spokeswoman Anne Crowley told The Globe. Printed from: MFWire.com/story.asp?s=19115 Copyright 2008, InvestmentWires, Inc. All Rights Reserved |