We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Reserve Management, Execs Hit With Fraud Suit

Law360 (May 5, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission on Tuesday accused Reserve Management Co. Inc. and its two top executives of issuing false statements prior to the company's main money market fund breaking the buck last fall because of exposure to Lehman Brothers Holdings Inc.

The SEC filed the suit in the U.S. District Court for the Southern District of New York, alleging that Reserve Management, Chairman Bruce Bent Sr. and Vice Chairman Bruce Bent III failed to reveal key material facts to investors, trustees and ratings agencies...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.