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Reserve Fund Founder Bruce Bent Cleared of All Charges

Bent's son found liable on one claim of violating a securities law.

By Patricia Hurtado and Christopher Condon, Bloomberg | Updated on November 13, 2012

Bruce R. Bent II, president of the failed $62.5 billion Reserve Primary money-market fund, was found negligent by a jury on one claim of violating a securities law while his father was absolved of all claims in a lawsuit by the U.S. Securities and Exchange Commission.

The federal panel of six women and one man in Manhattan yesterday cleared both Bents on claims they defrauded investors and the younger Bent on six of seven claims brought by regulators. His father, Bruce R. Bent, was cleared on all four claims against him, including that he “knowingly and recklessly violated” U.S. securities law and “aided and abetted” the company and corporate entities in violating them.

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