Reserve Fund Blames Government (WSJ)

Bruce Bent wants to present evidence at upcoming trial about the decision not to bail out Lehman.

Executives at the Reserve Fund, who are facing a trial on civil charges that they misled investors in the run-up to the Reserve Primary Fund’s breaking the buck in September 2008, want to introduce evidence at the trail about the government’s decision not to bail out Lehman Brothers, the Wall Street Journal reports.

Lawyers for Bruce Bent and his son say jurors need to understand the financial crisis that was occurring at the the fund ran into trouble. They want jurors to hear about the failure to rescue Lehman Brothers and criticisms of the Securities and Exchange Commission, and have proposed a list of relevant documents.


For the full story.



Advertisement. Closing in 15 seconds.