"SEC Charges Operators Of Reserve Primary Fund With Fraud"
The situation is fluid. Updates to come. Watch this space.
2:22 pm Update: CNBC notes that The Reserve Primary Fund, whose buck-breaking record Dealbreaker reported on back in October, has some explaining to do.
2:51 pm Update:
The Securities and Exchange Commission today filed fraud charges against several entities and individuals who operate the Reserve Primary Fund for failing to provide key material facts to investors and trustees about the fund's vulnerability as Lehman Brothers Holdings, Inc. sought bankruptcy protection.