Bruce R. Bent II, president of the failed $62.5 billion Reserve Primary money-market fund, was found liable for one claim that he negligently violated a securities law while his father was absolved of any liability in a lawsuit brought by the Securities and Exchange Commission.
After two and half days of deliberations over three days, the panel of six women and one man in Manhattan today cleared the younger Bent of six out of seven claims. His father, Bruce R. Bent, was cleared of all four claims against him, including that he knowingly and recklessly violated U.S. securities law.
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