Failed market-money fund president reaches settlement with shareholders

Bruce R. Bent II of the Reserve Primary fund agrees to settle the lawsuit worth $54.9 million

The financial crisis is slowly becoming only a memory in the minds of many on Wall Street, but the fallout continues to trickle in on a day-to-day basis. The latest shareholder settlement is one of the largest yet.

Bruce R. Bent II, president of the Reserve Primary market-money fund that failed during the financial crisis, agreed to settle a shareholder lawsuit worth about $54.9 million yesterday. The fund was worth $62.5 billion at the time of its collapse.

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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