Reserve Management Co., 09 Civ. 4346 (PGG) (S.D.N.Y. Sept. 30, 2013). This case arose from the collapse of the Reserve Primary Fund, a money market fund that held commercial paper issued by Lehman Brothers at the time of Lehman's bankruptcy filing. Concerns over the Lehman-related assets led to a run on the Fund, which ultimately resulted in the Fund's NAV falling below $1.00 per share – popularly known as "breaking the buck." After an investigation, the SEC concluded that certain persons associated with the Fund made misrepresentations concerning the impact of the Lehman bankruptcy on the Fund. The SEC commenced an enforcement action alleging securities fraud and other violations against two corporate entities (the investment manager to the Fund and an affiliated broker-dealer) and two individuals. After trial, the jury returned a verdict rejecting all of the SEC's claims that required proof of fraudulent intent.