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Rating:Investors in an International Reserve Fund Face Redemption Delay Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 20, 2008

Investors in an International Reserve Fund Face Redemption Delay

by: Armie Margaret Lee

A New York State Supreme Court judge on Friday extended an order she put forth on October 6 preventing redemptions from Reserve Management Co.'s $3.5 billion International Liquidity Fund, Reuters reports.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

Fund shareholders Caxton International Ltd. and Caxton Equity Growth slapped a suit against the Reserve on October 6 (see The MFWire, October 15, 2008). They asked the court on Friday to greenlight the appointment of a receiver to assist with the distribution.

New York State Supreme Court Justice Barbara Kapnick extended her October 6 order and adjourned the case until October 31 unless the parties come to an agreement before that time.  

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