Mass. Regulator Fights SEC In Reserve Fraud Case

Law360, New York (September 22, 2009, 4:42 PM EDT) -- Massachusetts' primary securities regulator has launched a challenge to a proposal by the U.S. Securities and Exchange Commission regarding the distribution of assets in the Reserve Primary Fund, the main money market fund of Reserve Management Co. Inc. that broke the buck in fall 2008 because of exposure to Lehman Brothers Holdings Inc.

The opposition came in a letter filed by the Massachusetts Securities Division of the Secretary of the Commonwealth on Monday in the U.S. District Court for the Southern District of New York, where...
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