Morgan Stanley Pays $3.2 billion to Resolve Subprime Mortage Related Claims
Yesterday, Morgan Stanley agreed to pay $3.2 billion to resolve claims that it misled investors about mortgage-backed securities before the financial crisis, according to New York state Attorney General Eric Schneiderman.
This is the most recent settlement by a banking giant related to the financial crisis, and ends government claims that Morgan Stanley misrepresented to investors the mortgages it packaged into mortgage backed securities including proprietary high-yield mutual funds, unit trusts and structured notes.
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