Ameriprise Sues For Lehman Money Market Losses

Law360, New York (September 22, 2008, 12:00 AM EDT) -- Ameriprise Financial Inc. has sued Reserve Management Corp. alleging that the mutual fund manager provided information to institutional investors about its exposure to Lehman Brothers Holdings Inc. when the brokerage filed for bankruptcy, leading retail investors to shoulder losses in a money market mutual fund with heavy exposure.

Judge Jeffrey J. Keyes of the U.S. District Court for the District of Minnesota granted Ameriprise's temporary restraining order and stopped any further liquidations from the Reserve's Primary Fund at a Friday hearing. The request for a temporary...
To view the full article, register now.