The SEC wanted a new trial for the father and son duo who ran the fallen money market mutual fund shop. Yet Julie Steinberg of the Wall Street Journal reports that U.S. District Judge Paul Gardephe denied the SEC's request and also lowered the civil penalties in the case. He awarded $650,000 against the Reserve [profile] itself and $100,000 against Bruce Bent II; the SEC had asked for $130 million and $1.3 million from the Reserve and Bent II, respectively. In November 2012 a jury found Bent II liable for one count of negligence and Reserve itself liable for one of negligence and two of fraud, all related to the collapse of Reserve's one-time giant money, the Reserve Fund. 

Edited by: Neil Anderson, Managing Editor


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