Hagens Berman litigated the case on behalf of purchasers and holders of certain mutual funds offered by the Reserve Short-Term Investment Trust and TD Ameritrade.

Case Status
Settled
Case Caption
Ross and Ross v. Reserve Management Co., Inc. et al.
Position
Lead Counsel
Attorneys
Court
U.S. District Court for the Southern District of New York
Case Number
1:08-cv-10261-PGG
Defendant(S)
Reserve Yield Plus Fund Investor Group
Exchange
NASDAQ
Stock Symbol
RYPYX
File Date
Class Period
-
Lead Plaintiff Deadline
Phone

Affected funds include the Reserve Yield Plus Fund traded under the following ticker symbols: (NASDAQ:RYPYX; NASDAQ:RYPTX; NASDAQ:RYPJX; NASDAQ:RYPQX).

The lawsuit claimed the trust, its parent and affiliates violated federal securities laws. The lawsuit alleged shareholders purchased funds based on misleading statements or omissions related to the safety and liquidity of the investment.

After years of litigation, in 2015, the lawsuit settled for $5.75 million in net benefits for the Class Members.

On Sep. 28, 2009, Hagens Berman was appointed Lead Counsel in the case. On March 26, 2010, the defendants filed a motion to dismiss the case. That motion is still pending.

In September 2008, news broke that shares dropped below $1.00, marking the second time in history a money market fund 'broke the buck', resulting in the fund's collapse. The suit seeks to represent anyone who purchased or held funds from July 27, 2007, to Sept. 16, 2008. The class includes purchasers or holders of the Reserve Yield Plus Fund in connection with the July 27, 2007, offering.

CASE TIMELINE

Court grants preliminary approval of Lead Plaintiff's proposed Stipulation of Settlement

HBSS Files Amended Complaint

Hagens Berman Sobol Shapiro filed an amended complaint in the United States District Court for the Southern District of New York in a class-action lawsuit on behalf of purchasers and holders of the Reserve Yield Plus Fund ("Fund").

The amended compliant expands the factual basis of the allegations, and adds more TD Ameritrade related defendants. The amendments also deletes claims against the independent trustees and the Fund itself as those claims were subject to reimbursement by the Fund, or the payment of defense costs under the trust agreement. Claims against certain other Reserve related defendants were also limited so that any judgment would not be indemnifiable by the Fund pursuant to any agreements.

These changes were made after negotiation with the SEC and counsel for the Fund and the independent trustees so that distribution of the remaining assets of the Fund could be expedited.

HBSS Appointed Lead Counsel

Today Judge Paul Gardephe appointed Hagens Berman Sobol Shapiro lead counsel in the Reserve Yield Plus Litigation and the Reserve Yield Plus Fund Investor Group lead plaintiff. The court ruled the investor group is most capable of representing the interests of class members in litigation.

Hagens Berman purchases advertisements on search engines, social media sites and other websites. Transmission of the information contained or available through this website is not intended to create, and receipt does not constitute, an attorney-client relationship. If you seek legal advice or representation by Hagens Berman, you must first enter a formal agreement. All information contained in any transmission is confidential and Hagens Berman agrees to protect information against unauthorized use, publication or disclosure. This site is regulated by the Washington Rules of Professional Conduct.