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money-market fund, was sued for deviating from its objective after exposing investors to losses and writing off $785 million of debt issued by bankrupt Lehman Brothers Holdings Inc.
Investors accused the money-market mutual fund of violating the federal Investment Company Act by deviating from the policy stated in its registration statement, according to a complaint which seeks class-action, or group, status.
It did so by sacrificing preservation of capital and liquidity in pursuit of higher yields,'' according to the lawsuit, filed Sept. 17 in Manhattan federal court. This strategy was exemplified by the fund's disastrous and unreasonable concentration of $785 million (face value) in commercial paper issued by Lehman Brothers.''
Shareholders pulled more than 60 percent of the fund's $64.8 billion in assets in the two days since New York-based Lehman collapsed Sept. 15. Losses on the securities firm's debt forced the fund to break the buck, meaning its net asset value fell below the $1 a share price paid by investors, New York-based Reserve Management Corp., its closely held owner, said on Sept. 16 in a statement.
The fund's spokeswoman, Ming Hatch, declined to comment

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