Massachusetts Secretary of the Commonwealth William Francis Galvin filed an administrative proceeding Tuesday against Reserve Funds and its founder Bruce Bent, accusing them of lying to investors about the dire straights of their investments in Lehman Brothers.

Galvin said the firm “made numerous false and misleading statements to dissuade investors from redeeming their shares of the Primary Fund in the days and hours before it ‘broke the buck’ and subsequently became unable to meet investor redemptions.”

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