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

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

1782400213 Law
June 25, 2026
SEC Alleges Illinois Investment Adviser Misappropriated Investor Funds and Concealed Losses

According to a litigation release published on SEC.gov, the Securities and Exchange Commission (SEC) has charged John Sterling Myers and his firms, Sterling Capital, LLC and Sterling Capital Management, LLC, with orchestrating a multi-year fraud involving investor funds held in a pooled investment vehicle.

1782320106 Law
June 24, 2026
FINRA Suspends Former Broker Over Undisclosed Business Activities, Annuity Recommendation, and Customer Data Violations

The Financial Industry Regulatory Authority (FINRA) has suspended former registered representative Clayton K.

1782226532 Law
June 23, 2026
NASAA Advances Investment Adviser Advertising Reforms and Franchise Broker Registration Framework

The North American Securities Administrators Association (NASAA) has approved significant regulatory initiatives aimed at modernizing oversight of investment advisers and strengthening protections for individuals considering franchise investments.