WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Dec. 20 that Morgan Stanley & Co. LLC has agreed to pay $7.5 million after allegations it used trades involving customer cash to lower the firm’s borrowing costs in violation of the SEC’s Customer Protection Rule.
SAN FRANCISCO (Legal Newsline) — California Attorney General Kamala D. Harris has filed a lawsuit against Morgan Stanley for allegedly misrepresenting complex investments like mortgage-backed securities that contributed to the global financial crisis and to major losses by investors that included California’s public pension funds, which provide retirement security to California peace officers, firefighters and teachers.
SAN FRANCISCO (Legal Newsline) – Morgan Stanley has agreed to pay $2.6 billion to resolve allegations related to its marketing, sale and issuance of residential mortgage backed securities, the Justice Department announced.
RICHMOND (Legal Newsline) — Virginia Attorney General Mark R. Herring announced the recovery of more than $63 million from 11 banks, settling allegations the banks misled the commonwealth of Virginia and the Virginia Retirement System (VRS).
Representatives of a Michigan public pension fund are suing several financial services companies, alleging collusive manipulation of the market for treasury bills, notes, bonds and other derivative financial products.
FOLEY SQUARE, N.Y. (Legal Newsline) - Public Employees' Retirement System of Mississippi has filed a class action lawsuit against Millennial Media Inc. for allegedly violating the Securities Exchange Act of 1934.
Virginia Attorney General Mark R. Herring filed a lawsuit against 13 banks seeking $1.15 billion in damages on accusations the banks fraudulently misled the Virginia Retirement System (VRS) during a sale of residential mortgage-backed securities to the state retirement fund.
BOSTON (Legal Newsline) - Massachusetts Attorney General Martha Coakley announced a $36.1 million assurance of discontinuance on Monday with Barclays Bank PLC to resolve allegations of unfair securitization practices.
NEWARK, N.J. (Legal Newsline) - New Jersey Acting Attorney General John Hoffman announced a $100,000 settlement Tuesday with Morgan Stanley & Co. LLC to resolve allegations of state security law violations.