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Article

21 May 2010

Author:
Ross Kerber, Reuters

Unitarian group moves $178 million from Fidelity - Cites "disappointment" in Fidelity human-rights stance [USA]

The Unitarian Universalist Association said it will replace Fidelity Investments as recordkeeper on its retirement plan, citing "disappointment" with the Boston mutual fund company's record on human rights... Fidelity has faced criticism in the past from social and religious groups over its holdings in companies that do business in countries such as Sudan... In its place, the Unitarians will use as its recordkeeper TIAA-CREF... TIAA-CREF sold holdings tied to Sudan earlier this year. A Fidelity spokesman reiterated the company's position that it may do more good by staying invested in some companies in order to monitor and oppose troublesome practices.