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Appeals court ruling in Fidelity case: Whistleblower law doesn’t apply to mutual funds

A federal law that protects employees at public companies when they blow the whistle on alleged fraud does not apply to mutual funds, a US appeals court ruled Friday.

The ruling, by the US Court of Appeals for the 1st Circuit, overturned a Boston federal judge’s decision involving two former Fidelity Investments employees. The new ruling finds that employees of mutual fund companies are not protected under Sarbanes-Oxley, the law passed in the wake of the Enron scandal.

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