Reserve Yield Plus Fund Investors Still Awaiting $175 Million in Redemptions

More than 100 investors with money trapped in the Reserve Yield Plus Fund have asked the Securities and Exchange Commission to reserve the permission it gave to Reserve Funds to delay redemption requests in order to liquidate holdings in an orderly market, The Wall Street Journal reports. The investors have been waiting for their remaining $175 million for the past year. The fund once held $1.2 billion.

“This order only serves to allow Reserve and the Bents to collect unearned fees and the shareholders to collect undeserved frustration,” wrote one investor in a comment letter to the SEC.