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Thursday, September 24, 2009

Reserve Primary Payouts Accelerate

News summary by MFWire's editors

The prolonged distribution saga of the Reserve Primary Fund continues. Daisy Maxey reports, in the Wall Street Journal's "Fund Track" column, that the fallen money fund's management plans to distribute $1 billion of the fund's remaining $4.5 billion in assets on Friday, October 2, even as a federal judge wants most of the money distributed by December 23.

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

Meanwhile, the "clawback" (taking money back from investors who got out just before the fund imploded) that Massachusetts' Secretary of State is fighting against is still up in the air. Sources told the WSJ that the judge "would order further briefs" on the matter within 10 days.

The Primary money market fund broke the buck a year ago and took down Reserve with it, thanks to some Lehman debt holdings. 

Edited by: Neil Anderson, Managing Editor

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