U.S. District Judge Paul Gardephe on Wednesday refused to junk a lawsuit filed by the SEC against The Reserve and co-founder Bruce Bent Sr., Reuters reports. A March 23 court conference is scheduled for a further discussion of the case.

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

In its lawsuit filed last May, the SEC accused the defendants of fraud, saying they failed to provide key material facts to investors about the Primary Fund's vulnerability.

The fund broke the buck on September 15, 2008.  

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