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Rating:SEC: We Didn't Reject Any Money Fund Settlement Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, September 16, 2013

SEC: We Didn't Reject Any Money Fund Settlement

News summary by MFWire's editors

What settlement?

Officials at the U.S. Securities and Exchange Commission denied Saturday that they had rejected a proposed settlement with managers of a large money market fund that "broke the buck" during the 2008 financial crisis, according to a Reuters report. In fact, an official claimed, negotiations never reached that point.

In a court filing, SEC lawyer Nancy Brown, declared that lawyers for defendants-- including Reserve Management Co.-- made a "misstatement" when they had claimed they had reached a settlement in principle with the regulator at the end of August, according to Reuter's reporters Casey Sullivan and Nate Raymond. The reports write that the defendants' attorneys alleged that they only learned about the regulator's rejection of the deal on September 5.

The settlement rejection claim was made by John Dellaportas, a lawyer for the defendants, according to Sullivan and Raymond. Dellaportas made the claim in a September 5 court filing and complained that the commission's "sudden refusal to settle" harmed fund shareholders with additional delays and costs, according to the Reuters' staffers.

Read more in the Reuters report

Edited by: Tommy Fernandez

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