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Brinson Partners' Cash Management Fund Won't Reimburse Investors After Fund Loses $50 Million of Value Due to Enron Losses
Alleging that the cash management account was not a money market fund, where firms typically hold value (at $1 per share net asset value) so as not to "break the buck", Brinson Trust Co. U.S. Cash Management Fund will not provide restitution to investors for its Enron related losses.
Investors have complained about Brinson's unwillingness to do so, noting that in some cases the cash management fund is offered as the only money market account option.
Cash management funds offer higher yields than money market funds but typically without the risk and volatility of longer-term bonds and stocks.
Source: Wall Street Journal, December 6, 2001
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