Ameriprise Wants Judge to Release Reserve Tapes

Ameriprise Financial, which has sued Reserve Funds on charges that the fund company tipped off large institutional investors its Primary Fund had broken the buck, has asked a judge to release taped phone calls to customers on the day before the fund’s NAV fell below $1, Reuters reports. 

The request was made in the U.S. District Court in Minneapolis.

A spokeswoman for Reserve declined comment, and lawyers for Ameriprise could not be reached.

Plaintiffs for Ameriprise said they had depositioned Reserve Funds and received some of the phone calls its salespeople made to institutional investors and wanted the court to strike Reserve’s designation of two of the calls as confidential.

The Reserve announced on its website on Monday that it is still is unable to honors investors’ redemptions because it is still trying to reconcile trades.