Fidelity Faces Lawsuit.

The article reports that Fidelity Investments is being sued due to the losses it incurred in the Fidelity Ultra-Short bond fund, which made investments in risky mortgage-backed securities. The class action suit filed before the U.S. District Court in Boston, Masschusetts claims that the mutual fund used misleading means in promoting the fund as a safe alternative to cash and that the firm did not sufficiently reveal the risks involved. The said fund is down 6.6% for 2008.