Reserve Loses Bid To Stay Discovery In Securities MDL

Law360, New York (September 14, 2010, 5:19 PM EDT) -- A federal judge has shot down a request by Reserve Management Co. Inc. to stay discovery in the multidistrict securities litigation accusing the company and its trustees of misconduct.

Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York on Monday ruled that resolving issues at stake in the litigation was in the best interest of the defendants, the U.S. Securities and Exchange Commission, investors, and the public.

Judge Gardephe also set revised deadlines in the matter. All parties must...
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