UPDATE 1-Court sets hearing date in Reserve Primary Fund case

Mon Jun 15, 2009 11:47pm BST
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NEW YORK, June 15 (Reuters) - A U.S. district court set the objection and hearing dates on a Securities and Exchange Commission's plan concerning the distribution of the Reserve Primary Fund's remaining assets, the fund's board of trustees said in a statement.

The court hearing is set for Sept. 23 and statements of objections to the proposed plan need to be filed with the court by July 22.

To date, shareholders in the fund have received about 90 percent of their assets, according to a plan adopted by the trustees on Dec. 3.

The Reserve Primary Fund, which had been one of the oldest U.S. money funds, broke the buck back in September 2008 amid losses on issues by now-defunct Lehman Brothers, leading the SEC to charge the fund's operators with fraud in May this year. (Reporting by Vikram S Subhedar)

 
 
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