Reserve Fund Asset Distribution Plan Approved

Law360, New York (November 30, 2009, 4:18 PM EST) -- A federal judge has approved a plan to distribute an estimated $3.5 billion in Reserve Primary Fund assets to shareholders who have sued over the money market fund's drop in value due to exposure to Lehman Brothers Holdings Inc.

Judge Paul Gardephe signed off on the plan Wednesday in a filing in the U.S. District Court for the Southern District of New York, where Reserve Management Co. Inc. and its two top executives are facing claims that they failed to reveal key material facts to investors...
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