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Friday, October 12, 2012

Bent Defends Himself

News summary by MFWire's editors

Bruce Bent Sr.'s trial started this month, and the "father of the money-market-mutual fund" is defending his actions in the lead up to the Reserve Primary Fund's implosion in 2008.

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

Kirsten Grind covered the trial for the Wall Street Journal. The trial began Tuesday in the Southern New York US District Court.

Bent said he did nothing wrong in investing $785 million, or one percent of the funds assets, in Lehman Brothers.

"I thought Lehman was a good, worthwhile investment," he told the court. "The SEC did too."

Grind writes that the trial is expected to last three weeks. 

Edited by: Ben Geier


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