Ex-Fund Owners Reach $10M Deal In Investor Fraud Suit

Law360, New York (September 09, 2013, 7:54 PM ET) -- The former owners of Reserve Primary Fund, the world's first money market fund, agreed Friday to settle a class action alleging they deceived investors during the financial downturn, saying they would add $10 million to the fund and back off on $42 million in indemnity and legal claims.

The settlement marks the final chapter in years of costly litigation pitting fund owners Bruce Bent Sr. and his son Bruce Bent II against former investors led by Third Avenue Institutional International Value Fund LP after a bad...
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Case Information

Case Title

In re: The Reserve Primary Fund Securities & Derivative Class Action Litigation


Case Number

1:08-cv-08060

Court

New York Southern

Nature of Suit

Other Statutory Actions

Judge

Paul G. Gardephe

Date Filed

September 17, 2008

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