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Rating:Ameriprise to Reserve: Reveal the Tip-Off Tapes Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 21, 2008

Ameriprise to Reserve: Reveal the Tip-Off Tapes

Reported by Neil Anderson, Managing Editor

The lawsuit over the Primary Fund that broke the buck continues, as the brokerage asks to reveal the evidence it claims will prove that the money fund firm warned some investors in advance. On Monday, attorneys representing Ameriprise (and a subsidiary, Securities America), asked the U.S. District Court in Minneapolis to remove the "classified" label the Reserve has placed on several sales call audio tapes, a plethora of emails, and depositions of two executives at the New York City-based money market fund pioneering firm. And on Friday the Reserve filed its own 31-page memorandum arguing for the complete dismissal of the lawsuit.

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

Spokespeople for Ameriprise and the Reserve declined to comment on the case.

"Plaintiffs and now the Court are faced with this ironic paradox: defendants continue to publicly flog Plaintiffs for making unsupported claims, but seek to hide behind the cloak of confidentiality on the evidence," Ameriprise's lawyers argued in support of their motion to strike the confidentiality designations. "Defendants have wholesale designated all of this material as Confidential, without any regard whatsoever as to whether the material in question actually contains any Confidential Information."

Ameriprise first filed the suit days after Reserve revealed that its Primary Fund broke the buck last month (see MFWire, September 22, 2008). The case revolves around the brokerage's allegation that the Reserve tipped off some institutional investors (but not Ameriprise or Securities America) a day in advance about the Primary Fund's woes. 

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