Hagens Berman Appointed Lead Counsel in Reserve Yield Plus Funds Litigation
SAN FRANCISCO - Earlier this week, United States District Judge for the Southern District of New York Paul Gardephe appointed Hagens Berman Sobol Shapiro as lead counsel in a securities class-action lawsuit on behalf of purchasers and holders of several mutual funds offered by the Reserve Short-Term Investment Trust including: (NASDAQ:RYPYX; NASDAQ:RYPTX; NASDAQ:RYPJX; NASDAQ:RYPQX).
Judge Gardephe's decision to appoint HBSS as lead counsel came after partner Reed Kathrein presented oral argument to the court on Aug. 5, 2009, on the firm's qualifications to serve as lead counsel and the suitability of HBSS's clients as lead plaintiff.
"We are pleased that the Yield Plus Reserve Investor Group selected our firm as their lead counsel and that the Court approved that selection," said HBSS partner Reed Kathrein. "The Court's decision helps us move the case along and provides fund investors with relief knowing key decisions are being made and we're getting closer to trial."
The lawsuit alleges shareholders purchased Reserve Yield Plus Funds based on misleading statements or omissions related to the safety and liquidity of the investment. The fund collapsed in September 2008, when news surfaced that shares dropped below $1.00, marking only the second time in history a money market fund 'broke the buck.'
Any purchasers or holders of the Reserve Yield Plus Fund from July 27, 2007 to Sept. 16, 2008 are eligible to participate in this lawsuit. Investors can contact attorneys and learn more at http://hbsslaw.com/cases/rypyx.
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About Hagens Berman Sobol Shapiro
Hagens Berman Sobol Shapiro is a Seattle-based shareholder-rights law firm with offices in Chicago, Boston, Los Angeles, Phoenix and San Francisco. Since 1993, HBSS has recovered hundreds of millions of dollars for institutional and individual investors defrauded by unscrupulous management of publicly held corporations through tenacious legal representation.
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