EVANGELIST v. FIDELITY MANAGEMENT & RESEARCH CO.

Civ. A. No. 81-536-Z.

554 F.Supp. 87 (1982)

Frank J. EVANGELIST, Jr. v. FIDELITY MANAGEMENT & RESEARCH COMPANY and Fidelity Cash Reserves.

United States District Court, D. Massachusetts.

December 6, 1982.


Attorney(s) appearing for the Case

Avram G. Hammer, Boston, Mass., Richard M. Meyer, Milberg, Weiss, Bershad & Specthrie, New York City, for plaintiff.

James S. Dittmar, Margaret R. Hinkle, Berman, Dittmar & Engel, Boston, Mass., for defendant Fidelity Management & Research Co.

Peter M. Saparoff, Gaston, Snow & Ely Bartlett, Boston, Mass., for defendant Fidelity Cash Reserves.


MEMORANDUM OF DECISION

ZOBEL, District Judge.

This is a shareholder derivative suit brought against Fidelity Management & Research Company ("FMR") and Fidelity Cash Reserves (the "Trust"). Plaintiff Frank J. Evangelist, Jr., a shareholder in the Trust, alleges that FMR breached its fiduciary duty under Section 36(b) of the Investment Company Act of 1940 (the "Act"), 15 U.S.C. § 80a-35(b), because management fees paid to it by the Trust are excessive...

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