The Wall Street Journal writes "Reserve Primary Fund Heads for Trial". It says, "The Securities and Exchange Commission's case against the Reserve Primary money-market mutual fund is headed toward trial on Oct. 1, with no movement by either party toward a settlement. At a pretrial hearing in U.S. District Court in New York on Wednesday, Judge Paul Gardephe warned both sides that if they want to settle, they must do so before the trial begins. The SEC sued Bruce Bent Sr. and his son, Bruce Bent II, in early 2009, alleging the two managers of the $62 billion Reserve Primary fund told regulators they would prop up the fund during the financial crisis amid heavy client redemptions, even though they didn't plan to do so." In other news, ICI released its latest weekly "Money Market Mutual Fund Assets". It says, "Total money market mutual fund assets increased by $8.04 billion to $2.578 trillion for the week ended Wednesday, September 12, the Investment Company Institute reported today. Taxable government funds increased by $4.99 billion, taxable non-government funds increased by $2.98 billion, and tax-exempt funds increased by $70 million."
