Morrison & Foerster

International top 30 position: 30
International 50 position (Asia-Pacific): 14

MMF executives sue independent trustees for fraud and waste of corporate assets

In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund and its principals sued the fund’s independent trustees, laying the blame for the fund’s spectacular 2008 collapse squarely at their feet. In court papers filed on 22 January 2013 responding to a class action complaint against them, the principals, as third party plaintiffs, charged that the independent trustees had a “substantial, if not controlling, role in almost all the conduct with which [the plaintiff] takes issue.” If they are found liable in the class action, the principals state, then the independent trustees should indemnify the principals to the extent the independent trustees themselves are responsible for the conduct.

Click on the link above to download this Morrison & Foerster briefing.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Morrison & Foerster

View more briefings from Morrison & Foerster

Browse This Firm’s

Overview

CityPoint
1 Ropemaker Street
London
EC2Y 9AW
UK

Global revenue 2011 ($m): 963.3
Global lawyers 2011: 1,026
Jurisdiction: US
No. of offices: 5
No. of qualified lawyers: 183 (International 50)