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RIA takes Dispute With Fidelity To The Supreme Court

FYI: A defunct registered investment adviser and two former clients locked in a legal battle with Fidelity Investments are appealing their case to the U.S. Supreme Court.

The petition involves allegations by now defunct AER Advisors that Fidelity lent out shares of stock owned by the RIA's clients, the father-and-son duo of William and Peter Deutsch, for purposes of short selling against the clients' wishes in 2012.

Two lower courts have ruled in favor of Fidelity on the basis of a law that gives legal immunity to a securities firm that files a suspicious activity report, which Fidelity filed against AER.
Regards,
Ted
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