Reuters · October 14, 2026

Former Fidelity Portfolio Manager Adam Benjamin Sues FMR Over Compensation After Joining DFO Management

• Adam Benjamin, a former semiconductor fund manager at Fidelity Investment Management, sued its parent company FMR in the Suffolk Division of the Superior Court of Massachusetts, according to the report. The suit was filed on Friday, according to the report.
• The suit alleges Fidelity refused to pay Benjamin a multimillion-dollar compensation package after he joined DFO Management, the family office of Dell Technologies founder Michael Dell, according to the report.
• The suit alleges Fidelity executives failed to persuade Benjamin to stay, the company terminated him on July 10 of this year and then imposed a non-compete clause, causing him to forfeit a compensation package totaling in the millions of dollars, according to the report.
• Benjamin began working at DFO on October 1, the lawsuit said, according to the report. The suit alleges Fidelity's withholding of compensation rests on a false claim that he was joining a competitor and states he has never worked for Fidelity's own family office business, according to the report.
• Fidelity declined to comment on the lawsuit, according to the report, which also said neither Benjamin nor his lawyers could be reached for comment.
• Benjamin managed the $48 billion Fidelity Select Semiconductors Portfolio, which is up 58% so far this year compared with 13.3% for the S&P 500 index, according to the report.

Lawsuit allegations, filing and employment dates, and fund figures as reported by Reuters; Fidelity's response is documented above as declining to comment. Original headline: "Former portfolio manager sues Fidelity after leaving for Michael Dell's family office".