Reserve Management has returned $45.8 billion, or 89% of the assets in the now-defunct Primary Fund, but is holding onto $3.5 billion to defend itself against more than 30 lawsuits.

Those redemptions equal 91.72 cents on the dollar, well below the 97 NAV that Reserve calculated.

Many investors are not only galled by their losses and Reserve’s war chest, but have not received any direct communication from the company, only from news reports and the firm’s website.

Dave Wald, of Carrollton, Texas, had $14,000 invested in the fund, and tells The Wall Street Journal: “I’ve sent their customer service department about 20 e-mails of inquiry and admonition, ranging from the polite to the downright insulting, and not received one word back. They simply post notices sporadically on their website.”

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