With trial set to begin next month, the Securities and Exchange Commission was dealt a couple of setbacks last week in its fraud case against the individuals and entities behind the Reserve Primary Fund, the money market fund that lost much of its $62 billion in value in 2008.
In a 13-page order issued on Sept. 14, Southern District Judge Paul Gardephe ruled that the defendants can argue at trial that they relied on advice from Willkie Farr & Gallagher when they allegedly misled investors about the fund’s risks two years ago. Gardephe also denied the SEC’s request to present as evidence memos Wilmer Cutler Pickering Hale and Dorr prepared about Primary Fund’s downfall.
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