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Friday, March 12, 2010

Reserve Asks for a Jury Trial

Reported by InvestmentWires Staff, 

Reserve Management is seeking a jury trial in the fraud case that the SEC has filed against it. Dow Jones' Daisy Maxey picked up on the Reserve's Thursday court filing.

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

The defendants in the case -- Reserve, founder Bruce Bent and his son Bruce Bent II, denied that SEC's allegations in a court document filed Thursday.

In its complaint 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.

That fund broke the buck on September 15, 2008.

Three weeks ago, U.S. District Judge Paul Gardephe refused to dismissed the SEC's lawsuit. 

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