WSJ.com writes "Reserve Fund's Manager Says It Wasn't Only One to 'Break the Buck'", which says, "Reserve Management Co. has told a federal judge that its Reserve Primary Fund wasn't the only money-market fund for which the net asset value dipped below $1 per share, known as 'breaking the buck,' in the wake of Lehman Brothers' 2008 bankruptcy. Reserve's attorneys make the statement in court papers dated and filed Friday with the U.S. District Court for the Southern District of New York. The document was filed in support of Reserve's motion to dismiss a shareholders' class-action suit over the 2008 collapse of the once-$62 billion Reserve Primary Fund. Under the judge's bundling rule, the document was released Friday along with some other older documents, including Reserve Management's motion to dismiss the suit." It adds, "Peter Crane, president of Crane Data, said he finds the claim by Reserve's attorneys 'baffling'. Although a number of U.S. money-market mutual funds were on the cusp of breaking the buck in the wake of the Lehman bankruptcy, none—other than the Reserve Primary Fund—actually did, Mr. Crane said." WSJ quotes Crane, "No U.S. money-market fund other than the Reserve Primary Fund transacted under $1. The advisers to other troubled funds stepped in long before the NAV rounded down.... Historically, you're either a dollar or you're dead."
