A Fidelity Investments shareholder last week filed suit against the fund management company and its affiliates, alleging that well-paid Fidelity fund directors have become a "rubber stamp" for what the shareholder contends are excessive fees charged investors.

The suit filed Wednesday in U.S. District Court in Boston contends Fidelity funds' independent directors frequently receive more than $200,000 per year in compensation for serving on more than 200 fund boards each. The independent directors' multiple board memberships are "excessive" and result in "assembly-line, truncated board meetings," according to the complaint by shareholder Richard T. Krantz.

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