Former Fidelity Lawyer Sues Firm

David van Duyn, a former lawyer at Fidelity Investments’ risk oversight and enterprise compliance unit, has sued the company, charging it failed to comply with anti-money laundering laws, Reuters reports.

Specifically, van Duyn said that Fidelity executives ordered him not to monitor transactions and to falsify documents.

Fidelity has counter-sued, charging van Duyn with breaking a confidentiality agreement that precluded him from divulging Fidelity business. In addition, Fidelity said that the lawyer falsified an e-mail about regulation, for which he was fired in December 2006.

A Fidelity spokesman, Vincent Loporchio, said the company meets its regulatory obligation.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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