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Rating:Bents Asks a Judge to Toss the SEC's Reserve Lawsuit Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, August 12, 2011

Bents Asks a Judge to Toss the SEC's Reserve Lawsuit

Reported by Neil Anderson, Managing Editor

A week ago, Reserve founder and chairman Bruce Bent, Sr., president and vice chairman Bruce Bent II and operations managing director David Gareis all asked a federal to support a request for summary judgment and toss the SEC's case [see filings here, here, here, here and here].

For the full story on the lawsuit so far and the death of the Primary Fund, see MFWire's timeline.

The MFWire.com could not immediately reach Bruce Bent II for comment.

The Reserve's flagship Primary $50-billion-plus money fund broke the buck in September 2008 in the wake of the collapse of Lehman Brothers. The SEC later accused Reserve and its executives of lying to prevent Primary's shareholders from pulling their money out. Settlement discussions between Reserve and the SEC collapsed a year ago. 

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