Ameriprise: Reserve tipped off big clients
A suit filed by Ameriprise alleges that The Reserve gave special treatment to its largest clients just as the Primary Fund was losing value and about to “break the buck,” or dip below $1 per share.
Ameriprise Financial Inc. and its independent-broker-dealer subsidiary, Securities America Inc., Friday sued Reserve Management Corp. and its founder, Bruce Bent, alleging misconduct in the administration of its giant money market mutual fund, the Primary Fund.
The suit, which was filed in federal
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