IN RE RESERVE FUND SECURITIES & DERIVATIVE LITIGATION

Nos. 09 MD. 2011 (PGG), 09 Civ. 4346 (PGG).

732 F.Supp.2d 310 (2010)

In re the RESERVE FUND SECURITIES AND DERIVATIVE LITIGATION. Securities and Exchange Commission, Plaintiff, v. Reserve Management Company, Inc., Resrv Partners, Inc., Bruce Bent Sr., and Bruce Bent II, Defendants, and The Reserve Primary Fund, Relief Defendant.

United States District Court, S.D. New York.

February 24, 2010.


Attorney(s) appearing for the Case

Daniel Brett Rehns , Christopher Lometti , Cohen Milstein Sellers & Toll P.L.L.C., Jay Paul Saltzman , Pietro Michele Devolpi, Jr. , Schoengold & Sporn, P.C., James Abram Harrod, III , Lester L. Levy, Sr. , Wolf Popper LLP, Howard Theodore Longman , Jules Brody , Stull Stull & Brody, Gerald Harlan Silk, John Christopher Browne , Steven B. Singer , John James Rizio-Hamilton , Lauren Amy McMillen , Sean K. O'Dowd , Bernstein Litowitz Berger & Grossmann LLP, H. Adam Prussin , Stanley Merrill Grossman , Pomerantz Haudek Block Grossman & Gross LLP, Christopher J. Clark , Dewey & Leboeuf, L.L.P., Mark C. Rifkin , Paulette Suzanne Fox , Wolf Haldenstein Adler Freeman & Herz LLP, Arun Srinivas Subramanian , Susman Godfrey LLP, Evan Glassman , Michelle Lynn Levin , Steptoe & Johnson, LLP, Joseph R. Seidman , Bernstein Liebhard , LLP, Bruce Mathew Sabados , Katten Muchin Rosenman , LLP, Susan E. Brune , Brune & Richard LLP, John Halebian , Lovell Stewart Halebian Jacobson LLP, Joseph P. Garland , Lifshutz & Lifshutz, P.C., Kenneth A. Elan , Kenneth A. Elan, Esq. , James A. Clarkson , Nancy A. Brown , Michael David Birnbaum , Michael Patrick Holland , Valerie Ann Szczepanik , United States Securities and Exchange Commission, New York, NY, Peter E. Borkon , Reed R. Katherine , Hagens Berman Sobol Shapiro LLP, Berkeley, CA, Gary Steven Graifman , Kantrowitz Goldhamer & Graifman, P.C., Chestnut Ridge, NY, Aaron Michael Sheanin , Christina H. C. Sharp , Daniel Charles Girard , Jonathan K. Levine , Girard Gibbs LLP, Laura Joy Edelstein , Brune & Richard LLP, San Francisco, CA, Christopher Matthew Van de Kieft , David R. Buchanan , Stephen A. Weiss , Seeger Weiss LLP, Philadelphia, PA, Norman E. Siegel , Stueve Siegel Hanson LLP, Kansas City, MO, Darren J. Robbins , David C. Walton , Lerach, Coughlin, Stoia, Geller, Rudman & Robbins, L.L.P., San Diego, CA, Samuel Howard Rudman , David Avi Rosenfeld , Mark Samuel Reich , Joseph Frank Russello , Robbins Geller Rudman & Dowd LLP, Melville, NY, Floyd G. Short , Susman Godfrey LLP, Seattle, WA, Brian D. Long , Seth David Rigrodsky , Rigrodsky & Long, P.A., Wilmington, DE, Michael Arthur Walsh , Nutter McClennen & Fish LLP, Jean-Paul Jaillet , Choate, Hall & Stewart, LLP, Harvey J. Wolkoff , Robert A. Skinner , Ropes & Gray LLP, Boston, MA, Anthony L. Paccione , Kitson Kitson & Bisesto, LLP, White Plains, NY, David J. Berger , Wilson Sonsini Goodrich & Rosati, Palo Alto, CA, for Plaintiffs.

Leon Frenkel, pro se.

John Dellaportas , Fran Marcia Jacobs , Jung-Hye Yeum , Justin Joseph D'Elia , Spensyr Ann Krebsbach , Duane Morris , LLP, New York, NY, Kevin F. Berry , Matthew A. Taylor , Duane Morris LLP, Philadelphia, PA, Eric R. Breslin , Sheila Raftery Wiggins , Duane Morris, LLP, Newark, NJ, for Defendants.

Tariq Mundiya , Willkie Farr & Gallagher LLP, New York, NY, for Relief Defendant.

David Avi Rosenfeld , Robbins Geller Rudman & Dowd LLP, Melville, NY, for Movant.

Robert John Malionek , Latham & Watkins, LLP, William Kennedy Dodds , Dechert, LLP, David S. Douglas , Gallet Dreyer & Berkey, LLP, Antony L. Ryan , Thomas G. Rafferty , Cravath, Swaine & Moore LLP, John Aubrey Wait , Fox Rothschild , Attorneys at Law, Michael Eugene Hagenson , Michael S. Shuster , Sheron Korpus , Kasowitz, Benson, Torres & Friedman, LLP, Richard C. Pepperman, II , Sullivan and Cromwell, LLP, Eric Rieder , Bryan Cave LLP, Therese Marie Doherty, Herrick, Feinstein LLP, Mark Hanchet , Mayer Brown LLP, Joseph Serino, Jr. , Matthew Osborn Solum , Kirkland & Ellis LLP, Caryn Gail Schechtman , DLA Piper US LLP, David Amir Kochman , Reed Smith , Daniel Bruce Goldman , William Albert Novomisle , Paul, Hastings, Janofsky & Walker LLP, Christopher May Mason , Nixon Peabody LLP, Henry Klehm, III , Jones Day , New York, NY, Roger B. Mead , Folger Levin & Kahn LLC, Beatrice B. Nguyen , Douglas W. Sullivan , Crowell & Moring LLP, San Francisco, CA, Vincent E. Gentile , Drinker Biddle & Reath, Princetonille, NJ, David B. Mack , Sean T. Carnathan , O'Connor, Carnthan and Mack LLC, Burlington, MA, Joseph M. Pastore, III , Fox Rothschild, LLP, Stamford, CT, Frances S. Cohen , Bingham McCutchen LLP, Boston, MA, Sarah Rose Wolff , Reed Smith LLP, Chicago, IL, James Michael Lyons , Kenneth Fisher Rossman, IV , Rothberger Johnson & Lyons LLP, Denver, CO, for Claimants.

Lara A. Oravec , Ropes & Gray LLP, Boston, MA, Joshua R. Martin , Michael D. Trager , Richard L. Jacobson , Arnold & Porter, LLP, Washington, DC, Stewart David Aaron , Arnold & Porter, LLP, Arun Srinivas Subramanian , Susman Godfrey LLP, New York, NY, for Interested Parties.

Kimberlee Ann Malaska , Mark Holland , Mary Kathryn Dulka , Matthew Thomas Tulchin , Yvonne Maria Cristovici , Goodwin Procter, LLP, New York, NY, for Trustees.


MEMORANDUM OPINION AND ORDER

PAUL G. GARDEPHE, District Judge.

This action arises from the unprecedented collapse of the Reserve Primary Fund, a money market fund that, as of September 14, 2008, held debt securities issued by Lehman Bros. Holdings, Inc. ("Lehman") with a face value of $785 million, amid total assets under management of $62.5 billion. After Lehman announced on September 14 that it would file a bankruptcy petition, a run on the Fund...

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