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BIBLIOGRAPHY

Complaint, SEC v. Reserve Management Company, Inc., Resrv Partners, Inc., Bruce Bent Sr. and Bruce Bent II, and The Reserve Primary Fund (Relief Defendant), S.D.N.Y., May 5, 2009

U.S. Securities and Exchange Commission

Claims Supported by This Source

  1. SEC allegation: Around 10:10 AM on September 15, 2008, the custodian bank State Street stopped extending overdraft credit to the Primary Fund (Paragraph 101, p. 29).
  2. SEC allegation: Around 5:00 PM on September 15, redemption requests exceeded $20 billion, and nearly half of that amount remained unpaid (Paragraph 107, p. 31). That night, the management company continued to tell investors and the press that it would maintain the $1.00 per share price (Paragraphs 108–112, pp. 32–33).
  3. SEC allegation: As of 9:00 AM on September 16, redemption requests totaled approximately $24.6 billion, of which the fund had only been able to pay the first approximately $10.7 billion (Paragraph 116, p. 33). The management company had not entered into the credit support agreement it had announced on the 15th (Paragraph 115, p. 33).
  4. SEC allegation: The net asset value per share fell below $0.995 before 11:00 AM on September 16 (Paragraph 119, p. 34). In its announcement on November 26, 2008, the management company admitted that from 11:00 AM to 4:00 PM on the 16th, the per-share value was $0.99, not $1.00 (Paragraph 120, pp. 34–35).
  5. SEC allegation: Around 4:00 PM on September 16, the management company, unaware that the share price had already fallen below $1.00 hours earlier, issued an announcement valuing the Lehman bonds at 0 and setting the per-share value at $0.97 (Paragraph 121, p. 35).

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