Recent regulatory filings hint that running the Reserve Primary Fund
post-collapse and defending against lawsuits wasn't as expensive as Bruce Bent
and his team once thought.
For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.
In a release yesterday of "Additional Information Regarding the Reserve Primary Fund"
, Reserve Management Company revealed that it has requested to withdraw more than $106.2 million to cover cover a variety of expenses incurred since the fund's collapses in September 2008.
That's a far cry from the $3.5 billion Bent and co set aside in February 2009, before the SEC first leveled its charges against the Bents in May 2009. And that case is the reason the Reserve has to phrase the expense discussion as a request: thanks an order from the U.S. District Court hearing the SEC's suit, a judge has to approve any claims for payment.
The Reserve has distributed $50.5 billion (98.6 percent) of Primary's assets back to shareholders so far, with only $328.0 million remaining.
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