Judge Caps Time For Witnesses In Reserve Management Trial

Law360, New York (July 13, 2012, 4:30 PM EDT) -- A New York federal judge on Friday said he would limit the time allotted each witness at trial in the U.S. Securities and Exchange Commission's long-running suit alleging Reserve Management Co. Inc. made deceptive statements about its money market fund following the Lehman Brothers Holdings Inc. collapse.

U.S. District Judge Paul G. Gardephe said he had asked the SEC and defense attorneys to draw up witness lists to help keep the trial within a two-week time frame, but that the defendants had “made no effort to...
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