The jury delivered its verdict yesterday in the Reserve Primary Fund [profile] fraud trial, and a plethora of reporters have covered the news, mostly seeing the result as a victory for the Reserve.

To read the full, continuing saga of the collapse of the Reserve Primary Fund and the ensuing legal battle, see MFWire's living timeline.

Bruce Bent Sr and Bruce Bent II beat the fraud charges brought by the SEC. Yet the jury found Bent II liable for one claim of negligence.

So who won? Bent II told the Wall Street Journal that he and his father are very pleased with the verdict. Yet SEC enforcement director Robert Khuzami only emphasized the negligence liability part of the verdict, stating that that part of the verdict "sends the message that fund executives cannot withhold from investors and trustees key information about their fund's vulnerability."

So far it seems that more headline writers agree with Bent II that this was a victory for the fallen money fund shop's chiefs. The WSJ's head reads: "Reserve Primary Managers Cleared in SEC Fraud Case." Bloomberg went further, writing "Feds Get Next to Nothing in Another Wall Street Case." CNNMoney declared "Pioneer of money market funds cleared of fraud." The Financial Times wrote "Fund founder cleared of fraud charges." FoxBusiness announced "'Break the Buck' Fund Managers Not Guilty of Fraud." InvestmentNews went with the headline, "Bruce Bent, son cleared in SEC fraud case." WSJ sister pub MarketWatch went with "Managers of Reserve Fund cleared of fraud: report." The New York Post said "Bents best SEC in 'broken buck' case." The New York Times wrote "Money-Market Pioneer and Son Cleared of Fraud." Reuters declared "Money market pioneer Bent clear of SEC fraud charges."The Washington Post wrote "Money-market pioneer Bruce Bent not guilt."

The Los Angeles Times' Walter Hamilton took both sides. One article's headline read "SEC loses case against money-market found", while the other's headline read "SEC wins partial victory in case against money-market fund." A second Bloomberg article offer a mixed headline: "Reserve Fund Jury Finds One Bent Liable, Absolves Another." 

Edited by: Neil Anderson, Managing Editor


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