Bruce R. Bent II, president of the failed $62.5 billion ReservePrimary money-market fund, was found negligent by a jury on oneclaim of violating a securities law while his father was absolvedof all claims in a lawsuit by the U.S. Securities and ExchangeCommission.

The federal panel of six women and one man in Manhattanyesterday cleared both Bents on claims they defrauded investors andthe younger Bent on six of seven claims brought by regulators. Hisfather, Bruce R. Bent, was cleared on all four claims against him,including that he “knowingly and recklessly violated” U.S.securities law and “aided and abetted” the company and corporateentities in violating them.

The SEC sued the Bents, their investment advisory firm ReserveManagement Co. and Resrv Partners Inc. in 2009, alleging they haddefrauded customers by falsely claiming they would support the fundfinancially when it faced a run by investors after Lehman BrothersHoldings Inc.'s 2008 bankruptcy.

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