Tags: US | Fallen | Money | Fund

Fallen Money Fund to Return Most Remaining Cash

Friday, 16 Jul 2010 01:11 PM

 

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A money-market mutual fund that held more than $60 billion before it collapsed amid Lehman Brothers' bankruptcy is returning nearly all remaining cash it has to investors.

Reserve Management says it will return $215 million on Friday to Reserve Primary Fund shareholders. It's the seventh of the partial payouts the fund has made since its September 2008 collapse.

After the latest distribution, Reserve Management says 99 percent of what the fund held at the peak of the financial crisis will have been returned. About $105 million remains to cover legal and management costs.

After the Lehman Brothers bankruptcy, Reserve Primary's assets fell below the level needed to ensure investors could get back a dollar for each dollar they put in.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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