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Thursday, December 13, 2012

The SEC Requests a Rematch with the Bents

News summary by MFWire's editors

The Securities and Exchange Commission is hoping it will have better luck in its second matchup with the Bents than it had the first time around.

The Wall Street Journal is reporting that the SEC has filed documents for a new trial against the Bents, whom a jury cleared last month in a fraud case related to the collapse of the Reserve Primary Fund.

Citing "people familiar with the matter," Journal reporter Kirsten Grind says that the SEC's request relates to specific claims about customers who bought Reserve Primary shares on September 15 and 16, 2008, the two days during which Lehman Brothers filed for bankruptcy and the fund broke the buck. Grind reports that the request for a new trial was filed on Wednesday with the U.S. District Court for the Southern District of New York, the same venue as the first trial.

The Journal says that Judge Paul Gardephe, who presided over the first trial, will hear briefs in the coming weeks before deciding if the new trial will proceed. 

Edited by: Chris Cumming

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