Fund Bosses Lied To Investors In Lehman Fallout, Jury Told

Law360, New York (October 9, 2012, 9:53 PM EDT) -- The heads of Reserve Management Co. Inc. lied to investors to try save the company's $62.5 billion money market fund in the wake of the Lehman Brothers Holdings Inc. bankruptcy, a U.S. Securities and Exchange Commission attorney told a jury Tuesday.

Bruce Bent Sr. and Bruce Bent II lied when they told investors that they intended to inject money into a Reserve fund to cover an asset shortfall created when the fund's holdings in Lehman lost value, SEC lawyer Nancy Brown told a New York federal...
To view the full article, register now.



Case Information

Case Title

Securities and Exchange Commission v. Reserve Management Company, Inc. et al

Case Number



New York Southern

Nature of Suit



Paul G. Gardephe

Date Filed

May 5, 2009

Law Firms


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.