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.

Related

Sections

Case Information

Case Title

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


Case Number

1:09-cv-04346

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Paul G. Gardephe

Date Filed

May 5, 2009

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.