Bloomberg reports "Reserve Fund Must Unseal Call-Transcript Evidence", saying, "Reserve Primary Fund, the money-market fund liquidating after losing value in the collapse of Lehman Brothers Holdings Inc., was ordered by a judge to unseal excerpts of sales-call transcripts in a fraud lawsuit. Ameriprise Financial Services Inc., which sued Reserve in September, may reveal the blacked-out portions of its complaint that were labeled confidential by Reserve, said U.S. Magistrate Judge Jeffrey Keyes in Minneapolis." Bloomberg quotes the judge, "Defendants improperly designated as 'confidential information' the excerpts of transcripts," The allegations "shall be unredacted," he said. "`Ameriprise argued the sealed evidence would prove Reserve ... tipped its biggest customers about the fund's risks related to Lehman -- a day before the investment bank filed the world's biggest bankruptcy. The money market fund wrote down $785 million in Lehman debt. Reserve argued the evidence should be sealed because it was flawed and difficult to interpret. It would confuse and mislead the public, it said."
