Ex-Exec at Franklin Unit Sues Over Firing
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Franklin Resources Inc., the largest publicly traded U.S. mutual fund manager, was sued by a former vice president of its Fiduciary Trust Co. International unit over his firing last year after complaining of fraudulent practices.
Gregory A. Fraser alleges in the suit filed in U.S. District Court in New York that he “was a witness to crimes” that included intentional misrepresentations and omissions in regulatory filings and the defrauding of Fiduciary Trust and Franklin shareholders related to Franklin’s $825-million acquisition of Fiduciary Trust in 2000.
“We believe the complaint to be without merit and will fight it vigorously,” Fiduciary spokesman William Weeks said.
Franklin spokeswoman Lisa Gallegos did not return a call seeking comment.
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