Tr?id=566623520170033&ev=PageView&noscript=1

Court Dismisses Whistleblower Lawsuit Against Fidelity Investments

Posted on December 9th, 2024 at 11:14 AM
Court Dismisses Whistleblower Lawsuit Against Fidelity Investments

From the desk of Jim Eccleston at Eccleston Law

A federal court has dismissed a whistleblower lawsuit filed by a former financial advisor against Fidelity Investments. According to ThinkAdvisor, the case involves allegations that the company fired him for reporting unethical practices.

ThinkAdvisor reports that the court dismissed the case after a joint filing from both parties. Each side agreed to cover their legal fees and costs, concluding the legal dispute without further action. A Fidelity spokesperson confirmed that the parties had "resolved their differences."

Michael Maeker, a 24-year veteran at Fidelity, claimed in his lawsuit that the firm pressured advisors to move clients from low-fee investments into higher-fee-managed money products that benefited Fidelity. He filed the suit in May in the U.S. District Court in Dallas, alleging that those practices violated the SEC's Regulation Best Interest. Maeker also argued that Fidelity terminated his employment in December 2022 as retaliation for raising internal concerns about these actions.

Fidelity denied Maeker's allegations, asserting that his termination was due to "deceptive misconduct." According to Fidelity, Maeker sent financial planning reports to clients that were based on unverified information, putting clients at risk.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I cannot thank you enough for your guidance. It's a good feeling knowing someone is fighting for you.

Matt J.

LATEST NEWS AND ARTICLES

1780676353 Law
June 5, 2026
Redemption Pressure Mounts Across Private Credit and Non-Traded BDC Market

Investors continued pulling money from private credit and nontraded business development companies ("BDCs") during the first quarter of 2026 as concerns about liquidity and portfolio valuations intensified across the sector, according to reporting by InvestmentNews.

1780588152 Law
June 4, 2026
Former Wells Advisor Alleges Age Discrimination

A former Wells Fargo senior private client financial advisor in Wisconsin has filed a federal lawsuit alleging the firm terminated him because of his age rather than an alleged workplace profanity incident.

1780507151 Law
June 3, 2026
Starwood REIT Suspends Most Redemptions Amid Liquidity Pressure

Starwood Real Estate Income Trust (SREIT) has announced a temporary suspension of its share repurchase program for most investors.