Reserve Can't Dodge SEC Suit Over Fund Deception

Law360, New York (March 29, 2012, 11:19 PM EDT) -- Reserve Management Co. Inc. on Thursday failed to pare a U.S. Securities and Exchange Commission suit from multidistrict litigation accusing the company and its managers of misleading investors about the safety of its money market fund despite holdings in the collapsed Lehman Brothers Holdings Inc.

U.S. District Judge Paul G. Gardephe denied the request for summary judgment by Reserve and its chief officers Bruce Bent Sr. and his son Bruce Bent II. The SEC’s request for summary judgment on liability has also been nixed, according to...
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