Fidelity agreed to pay $8 million to settle regulatory claims that current and former employees — among them Peter Lynch, the legendary investor behind its Magellan Fund — accepted improper gifts in exchange for business.
Mr. Lynch, a vice chairman of Fidelity, was among 13 employees accused by the Securities and Exchange Commission of accepting gifts from brokers. Over the years, he asked Fidelity traders to secure tickets from brokers to 12 concerts and sports events, including shows by the rock bands U2 and Santana and passes to the 1999 Ryder Cup golf tournament, the S.E.C. said.
Fidelity’s self-imposed limit on gifts to its employees is $100.
Mr. Lynch, who ran the Magellan fund until 1990, agreed to pay back the value of the tickets that brokers had given him over the years — almost $16,000 — plus interest.
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