Fidelity Investments' so-called vulture investing practices in the early 1990s are under attack in a Texas state court.

A trust established to pay asbestos victims has sued Fidelity Research & Management Corp. for fraud, saying the firm and others improperly earned millions by deliberately keeping secret key information in the bankruptcy reorganization of the National Gypsum Co. in the early 1990s. The NGC Asbestos Disease & Property Damage Settlement Trust contends that Fidelity participated in the bankruptcy reorganization of National Gypsum in 1992 and 1993 but failed to disclose crucial facts it knew which could have tripled the value placed on National Gypsum.

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