On September 30th, the U.S. District Court overseeing the SEC lawsuit stemming from the collapse of the Reserve Primary Fund addressed the appropriate disgorgement and penalties which should be imposed after a jury found defendants partially liable for violations of the Securities Act and Investment Advisers Act. The Court denied the agency's motion for disgorgement and a permanent injunction and imposed penalties totaling $750,000. The Court noted that the wrongful conduct took place over a period of less than 36 hours during a time of enormous economic stress. SEC v. Reserve Management Company, Inc.