On Wednesday, U.S. District Judge Paul Gardephe consolidated 12 lawsuits against the Reserve Primary Fund, which is being liquidated following the Lehman Brothers bankruptcy. Reuters reports that Judge Gardephe also appointed Third Avenue Institutional International Value Fund LP as lead plaintiff in the case, and law firm Bernstein Litowitz Berger & Grossmann LLP, as lead counsel.
The court stated that the Third Avenue fund’s financial stake in the case “dwarfs” that of any other proposed lead plaintiff. As previously discussed here, in September 2008 Reserve Primary became the first money fund in more than a decade to “break the buck.”
