A federal jury cleared two former money-market mutual-fund managers of fraud charges, the latest setback for regulators trying to punish individuals for their actions during the financial crisis.

The Securities and Exchange Commission in 2009 sued Bruce Bent Sr and his son, Bruce Bent II, co-managers of the $62bn Reserve Primary fund. The fund, then one of the largest in the US, "broke the buck" in September 2008 by falling under the $1-a-share value that money funds seek to maintain.