Class-action lawsuit proposed against The Reserve
December 1, 2008
Attorneys for investors in a second mutual fund managed by The Reserve have filed a proposed federal class-action lawsuit, opening a new front in the expanding legal battle against the company.
Filed in New York, the lawsuit accuses Reserve of misleading the thousands of investors in the firm’s Yield Plus fund by pursuing risky investments, rather than preserving capital.
Those investments included commercial debt of Lehman Bros., which sought bankruptcy court protection in September, triggering a freeze on the $1.1 billion Yield Plus fund.
The lawsuit also charges that TD Ameritrade misled hundreds of its clients who placed their assets in the fund by describing it as “just like a money market.” In fact, Yield Plus is a diversified mutual fund that made “significantly riskier” investments than a money market fund, the lawsuit alleges.
Read Article: USA Today
Posted By: Phoenix DUI Attorney
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