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.

Ashley Klann

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.

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12/14/15: Questions?

If you have questions about this case, please direct them to:

The Reserve Yield Plus Fund Securities Class Action Litigation
1400 N. Providence Road
Bldg. 2, Suite 5035
Media, PA 19063 (800) 691-7562

12/10/15: Court grants preliminary approval of Lead Plaintiff's proposed Stipulation of Settlement

11/11/10: Defendants' Motion to Dismiss Still Pending

The defendants' motion to dismiss is still pending before the court.

03/26/10: Defendants File Motion to Dismiss

11/22/09: 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.

09/28/09: 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.

08/05/09: HBSS Presents for Lead Counsel

HBSS presents oral argument to the court to determine lead counsel and lead plaintiff for litigation.

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