Reserve Sues Dechert, K&L Gates For Negligence : Fund Action

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Reserve Sues Dechert, K&L Gates For Negligence

Reserve Management Company is suing Dechert and K&L Gates for professional malpractice in their advice relating to the Investment Company Act of 1940, according to sister publication Compliance Reporter. The firms' alleged negligence led to compliance violations that cost millions of dollars to put right and almost resulted in Reserve paying hundreds of millions to the Securities and Exchange Commission, the company says.

Reserve's lawsuit, which was filed earlier this month in the Superior Court of the District of Columbia, claims that Dechert and K&L Gates failed to provide "the most basic, fundamental and elementary advice regarding mutual fund regulations." Specifically, the suit alleges that the firms failed to tell Reserve and the boards of trustees of the mutual funds it manages that the boards were not in compliance with the requirements of an exemption from the Act.

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Reserve Sues Dechert, K&L Gates For Negligence

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