SEC v. Reserve Management, 1:09-cv-04346 (S.D.N.Y.)

Nov 13, 2012

OUTCOME: Unanimous federal jury verdict clearing defendants of fraud

Ms. Pennisi served on a trial team that achieved a successful jury verdict against the SEC on behalf of the Reserve Primary Fund’s senior management, including Bruce Bent, co-inventor of the money mark ... et fund, and Bruce Bent II. Following a month-long trial, a Manhattan federal jury rendered a unanimous verdict in favor of the Bents, clearing them of all SEC Rule 10b-5 and other securities fraud charges raised in the civil enforcement action after their $62 billion money market fund “broke the buck.”