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Rating:Suit Targets Fund that Broke the Buck Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 18, 2008

Suit Targets Fund that Broke the Buck

by: Erin Kello

Shareholders of the Reserve Primary Fund, which broke the buck on Tuesday, are suing. Reuters reports that the lawsuit, filed Wednesday in U.S. District Court in Manhattan, said that the fund sacrificed the preservation of capital, the fund's stated objective, by chasing high-yields. The suit seeks damages for shareholders that had not redeemed their shares as of September 16.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline. 

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