Morgan Stanley sets aside $199 million more for litigation costs
NEW YORK (Reuters) - Morgan Stanley (MS.N) set aside an additional $199 million for expected litigation expenses in the second quarter, much higher than the $4 million increase it reported in the year-ago period, the bank said on Friday.
So far this year, Morgan Stanley has built up an additional $270 million in litigation accruals, compared with $21 million in the first six months of 2012.
The bank did not outline what the increased reserves were specifically for, and does not say what its overall litigation reserves are. Morgan Stanley detailed the additional accruals, as well as updates on several ongoing legal proceedings, in its 10-Q quarterly filing with the U.S. Securities and Exchange Commission.
(Reporting by Lauren Tara LaCapra; Editing by Bernard Orr)