Settlement Talks Between SEC, RPF Managers Break Down

Law360, Los Angeles (September 13, 2013, 10:12 PM EDT) -- The U.S. Securities and Exchange Commission's settlement negotiations with the former managers of the Reserve Primary Fund -- which gained notoriety when it "broke the buck" in 2008 after its investment in Lehman Brothers Holdings Inc. backfired -- have broken down, according to court documents made public Friday.

Attorneys for the money fund and its former managers, Bruce Bent Sr. and his son, Bruce Bent II, said in a letter to U.S. District Judge Paul Gardephe that they had reached a settlement agreement in principle in late August. But the SEC...
To view the full article, register now.

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.