Bruce Bent Sr. took the stand Thursday afternoon in a New York City courtroom, defending his actions during the 2008 financial crisis as his $62 billion Reserve Primary Fund—the world’s first money market mutual fund—imploded after making an unfortunate bet on the debt of Lehman Brothers Holdings, the Wall Street Journal reports.

The trial of the 75-year-old Bent Sr. and his son, Bruce Bent, II, began Tuesday in the U.S. District Court for the Southern District of New York. It stems from a 2009 civil suit filed by the U.S. Securities and Exchange Commission that alleged the pair lied to investors, fund trustees and regulators during the crisis. The Bents have denied the allegations.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.