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Monday, September 09, 2013

Bents Reach Preliminary Settlement in Class Action

News summary by MFWire's editors

A preliminary settlement has been reached between managers of the Reserve Management Company [profile] Reserve Primary Fund, a fund that invested in Lehman Brothers Holdings debt, and class action plaintiffs that would award investors the $75 million left in the fund since the financial meltdown, The Wall Street Journal Kirsten Grind writes. The settlement still needs court approval and the managers have not admitted to wrongdoing.

The settlement figure includes $10 million in cash, which will be paid by fund co-manager's Bruce Bent Sr. and Bruce Bent II and Arthur Bent III, Grind reports. Investors in the fund have fared well after years in court, receiving $0.99 on the dollar of their investment, Grind writes.

In 2012, the elder Bent and Bent II were cleared of civil fraud charges brought by the SEC, [Here is MFWire's timeline of the proceedings].

The class-action suit, consolidating 12 different lawsuits, was filed in 2008, and alleged that the managers marketed the funds as safe while making risky investments, Grind reports.

Reuters' Nate Raymond reports that the settlement is worth at least $54 million To read more, click here and here.  

Edited by: Casey Quinlan

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