Business Headlines: Whistleblowers Not Protected; Cuts & Consequences

By Lisa van der Pool, Boston Business Journal
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Fidelity, UFund, UPlan, College Savings, 529 Plan, IRA

(Photo by Chip Somodevilla/Getty Images)

BOSTON (CBS) – The U.S. Court of Appeals ruled that a law protecting whistleblowers at publicly traded companies does not cover mutual fund employees.

The case involves two workers who used to work for Fidelity Investments.

Two plaintiffs say Fidelity came after them after they told regulators about illegal practices at the company.

But a court ruled mutual funds themselves have no employees and are not covered by a 2002 law passed to prevent financial fraud.

CUTS & CONSEQUENCES

The MBTA is looking at fare hikes and service cuts to trim its budget, but a group that promotes new development says that could jeopardize hundreds of private sector jobs.

The Metropolitan Area Planning Council says there are 250 projects statewide that could stall because they would be less accessible, and therefore, less desirable.

And it’s the uncertainty over these proposed cuts that could play a big role.

Developers and banks are unlikely to invest in projects with an uncertain future.

Watch Lisa’s report:

Lisa van der Pool of the Boston Business Journal can be seen weekdays at 6 a.m. on WBZ-TV.

You can follow Lisa on Twitter at @lvanderpool.

 

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