SEC Fraud Suit Withstands Reserve Fund Assault

Law360, New York (February 25, 2010, 4:34 PM EST) -- Turning up the heat on Reserve Management Co. Inc., a federal judge on Thursday firmly backed regulators’ claims that the company and its leadership deceived investors about the plight of its money market fund following the Lehman Brothers Holdings Inc. collapse.

Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York roundly rejected the defendants' bid for dismissal, letting stand the U.S. Securities and Exchange Commission's allegations that RMCI and its father-son chief officers, Bruce Bent Sr. and Bruce Bent...
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