Ex-Fidelity Manager Sues Over Withheld Compensation
An ex-Fidelity fund manager is suing the firm for withholding millions in compensation after he left for Michael Dell's family office. The lawsuit claims Fidelity wrongly enforced a non-compete clause.
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A former semiconductor fund manager sued FMR, claiming the firm withheld millions in compensation after he joined a billionaire's family office. Adam Benjamin managed the $48B Fidelity Select Semiconductors Portfolio, which has returned 58% so far this year. The Massachusetts lawsuit challenges the aggressive use of non-compete clauses across the United States asset management industry.
