Fairbairn

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 6 EMILY FAIRBAIRN, et al., Case No. 18-cv-04881-JSC

Plaintiffs,

OPINION FOLLOWING BENCH

v. TRIAL

FIDELITY INVESTMENTS

CHARITABLE GIFT FUND,

11 Defendant.

12 Malcolm and Emily Fairbairn, a married couple, are financially successful former hedge fund managers. This lawsuit arises out of their donation of Energous stock to their Fidelity Charitable Donor Advised Fund at the end of December 2017. The Fairbairns allege that to induce them to transfer the stock, Fidelity Charitable made promises about how the donation would be liquidated. They contend those promises were broken and that, in any event, Fidelity Charitable sold the stock in a negligent manner which harmed the Fairbairns by reducing the amount of their tax deduction and leaving less money in their donor advised fund to be distributed to charity. The Court held a bench trial by video on the liability questions on October 19, 20, 21, 23, 26, 27 and 28 and heard closing arguments on…