Another lawsuit in addition to the one filed by Ameriprise
was lodged against The Reserve
last Friday. Investments News
reports The Third Avenue Institutional International Value Fund
filed suit in U.S. District Court in the Southern District of New York alleging that the Reserve's decision to only allow investors who submitted before 3 p.m. Sept. 16 to redeem shares was an arbitrary move that violated the prospectus. The fund claims that the move gave unfair advantages to certain shareholders.
For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.
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