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A $190 Million Misclick for T. Rowe Price (fortune.com)
An anonymous reader writes: This week a court ordered restitution for any investors who'd opposed the 2013 buyout of Dell Inc., approximately $3.87 per share, plus interest. The investment firm T. Rowe Price was a vocal opponent of the deal, and had over 30 million shares scattered throughout its mutual funds. But an automated system at T. Rowe Price used its default setting -- which indicated support for the buyout -- an error which is now estimated to have cost the firm close to $190 million.
Dell won't receive the money "because, in essence, they checked the wrong box," reports Fortune. And the Baltimore Sun adds that the firm now faces the prospect of class action lawsuit from angry investors.
Dell won't receive the money "because, in essence, they checked the wrong box," reports Fortune. And the Baltimore Sun adds that the firm now faces the prospect of class action lawsuit from angry investors.
They spend that on hookers and blow in a single weekend.
EditorDavid used to work for T. Rowe Price, he's brought his attention to detail to /.