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Key Developments: Morgan Stanley (MS)

MS on New York Consolidated

29 Apr 2016
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Latest Key Developments (Source: Significant Developments)

California AG sues Morgan Stanley over - Reuters News
Friday, 1 Apr 2016 03:35pm EDT 

Morgan Stanley:California attorney general says she sued Morgan Stanley over false claims, securities violations tied to mortgage debt - RTRS.California ag kamala harris says Morgan Stanley misled investors about residential mortgage-backed securities.Harris says misrepresentations caused major losses to investors including California's public pension funds.  Full Article

Morgan Stanley - UBS, others reach $103 million muni bond rigging settlements - Reuters
Wednesday, 24 Feb 2016 10:38pm EST 

Morgan Stanley:UBS AG and five other banks and brokerages agreed to pay roughly $103 million to settle claims that they conspired to rig prices for U.S. municipal securities.Wednesday's accords include payments of $100.5 million to investors. Two of the defendants, France's Natixis SA and Societe Generale, also agreed to pay $2.8 million to resolve related claims by 21 U.S. states and Washington, D.C.If approved by a federal judge, the private settlements would end nearly eight years of class action litigation, and result in more than $226 million of payouts from 11 defendants, led by $44.6 million from JPMorgan Chase & Co.Several banks have during that time also agreed to pay more than $740 million, led by JPMorgan's $228 million, to resolve related probes by the U.S. Department of Justice and state regulators. At least 17 people were convicted or pleaded guilty, the Justice Department has said.Wednesday's private settlements included $32 mln with UBS, $28.45 mln with Natixis, $25.41 mln with Societe Generale, $9.75 mln with Piper Jaffray Cos, $3.5 mln with Royal Bank of Scotland Group Plc's National Westminster Bank, and $1.4 mln with George K. Baum & Co, court papers show.Other defendants that have settled with investors and regulators are Wells Fargo & Co WFC.N, Bank of America Corp BAC.N and General Electric Co GE.N, UBS has also settled with regulators, and Morgan Stanley MS.N with investors.  Full Article

Globe/wire say SEC settles with Morgan Stanley - CNSWCH
Wednesday, 23 Dec 2015 04:33pm EST 

Morgan Stanley:The Globe and Mail reports in its Wednesday edition that Morgan Stanley will pay $8.8-million (U.S.) to settle charges that one of its portfolio managers conducted prearranged trades that favoured some clients' accounts over others. - CNSWCH.A Reuters dispatch to The Globe quotes the Securities and Exchange Commission as saying Tuesday that portfolio manager, Sheila Huang, agreed to be barred from the industry and pay a $125,000 (U.S.) penalty - CNSWCH.Societe Generale broker who assisted Ms. Huang in the schemes also agreed to be barred. - CNSWCH.Neither Morgan Stanley nor Ms. Huang admitted or denied the SEC's findings. Ms. Huang can seek permission to work in the industry again in 2020. - CNSWCH.Prearranged trading, or "parking," is a fraudulent practice that can give advantages to some investors over others, including better pricing and the elimination of risk. - CNSWCH.In one scheme, Ms. Huang - while managing accounts that needed to liquidate certain positions - arranged sales of mortgage-backed securities at predetermined prices to the trader at the Societe Generale brokerage unit, SG Americas. - CNSWCH.The arrangement would enable her to buy back the positions at a small markup into other accounts that Morgan Stanley advised, the SEC said. - CNSWCH.  Full Article

Morgan Stanley plans to trim as many as 5 pct of its stock-trading employees early in 2016 - WSJ, citing sources - Reuters
Thursday, 17 Dec 2015 05:50pm EST 

Morgan Stanley:Morgan Stanley MS.N: * Morgan Stanley plans to trim as many as 5% of its stock-trading employees early in 2016 - WSJ.cuts at Morgan Stanley will affect about 100 people globally and are based solely on performance - WSJ, citing sources.  Full Article

Morgan Stanley begins layoffs in credit division -sources - Reuters
Wednesday, 9 Dec 2015 12:30pm EST 

Morgan Stanley:Morgan Stanley this week cut staff covering short-term credit and regional broker-dealers, after a quarter in which the bank posted a 42 percent drop in bond trading, several sources told Reuters - RTRS.The sources blamed the shakeup at the No. 6 U.S. bank by assets on tougher capital rules, mounting competition from faster and cheaper trading on electronic systems and expectations that the Federal Reserve will raise U.S. interest rates next week for the first time in nearly a decade - RTRS.The decision to downsize followed one of Morgan Stanley's slowest quarters for bond trading since the global credit crunch - RTRS.Morgan Stanley's short-term credit desk, including its commercial paper business, has seen extensive cutbacks, they said - RTRS.Morgan Stanley has also significantly reduced the number of bond sales people who cover smaller, regional broker-dealers, they added, although the bank will continue to cover these types of clients - RTRS.  Full Article

Morgan Stanley takes $150 mln charge, said to cut 1,200 jobs - Bloomberg - Reuters
Tuesday, 8 Dec 2015 10:59am EST 

Morgan Stanley:Morgan Stanley takes $150 million charge, said to cut 1,200 jobs - Bloomberg - RTRS.Morgan Stanley will take a $150 million severance charge in the fourth quarter - Bloomberg - RTRS.Morgan Stanley cutting 1,200 workers worldwide, including about 470 front-office - RTRS employees in fixed-income and commodities trading business - Bloomberg - RTRS.  Full Article

Morgan Stanley to cut up to 25 pct of fixed-income jobs - Reuters
Monday, 30 Nov 2015 02:44pm EST 

Morgan Stanley:Morgan Stanley plans to cut up to 25 percent of its fixed-income jobs, according to a person familiar with the matter - RTRS.The workforce reduction will be across all regions and is set to take place in the next two weeks, the person said - RTRS.The news was first reported by Bloomberg earlier on Monday - RTRS.The Wall Street bank reported a 42 percent slide in bond trading in the third quarter, one of its worst performances since the financial crisis - RTRS.Morgan Stanley Chief Executive James Gorman has been focusing on equities trading and - particularly - wealth management as profit drivers for the No. 6 U.S. bank by assets as stricter regulations and capital requirements make it more difficult to trade bonds - RTRS.Ted Pick, who was in charge of the company's equities business, was picked by Gorman last month to oversee its entire trading business to facilitate better coordination between the firm's bond and equities desks - RTRS.  Full Article

Morgan Stanley completes sale of global oil merchanting business to Castleton Commodities International LLC
Monday, 2 Nov 2015 08:30am EST 

Morgan Stanley:Completes sale of global oil merchanting business to castleton commodities international llc.  Full Article

Morgan Stanley to face Russian tycoon's insider trading claims - RTRS
Sunday, 1 Nov 2015 06:00am EST 

Morgan Stanley:In a trial starting on Monday, Morgan Stanley will confront a Russian billionaire's claims that it illegally short-sold a company based on inside information at the height of the financial crisis - RTRS.The lawsuit against the global financial services firm is being brought in Manhattan federal court by Veleron BV, a Dutch company created as an investment vehicle by Russian tycoon Oleg Deripaska, who is also the founder of United Company Rusal Plc - RTRS.Veleron claims Morgan Stanley obtained inside information through a relationship it had with the company’s lender - RTRS.The dispute arose from Deripaska's 2007 investment through Veleron in Canadian auto parts maker Magna International. That investment was financed with a $1.2 billion loan from BNP Paribas, with Veleron's Magna shares as collateral - RTRS.Though Morgan Stanley was not directly involved in that loan, it entered into a swap agreement with BNP Paribas under which it assumed some of the risk of the loan in exchange for fixed payments - RTRS.The lawsuit claims Morgan Stanley's actions constituted insider trading because Morgan Stanley used its knowledge of Veleron's impending default for its own benefit days before it became public - RTRS.The lawsuit claims that the short-selling drove down the price of Magna stock. It seeks more than $10 million in damages - RTRS.  Full Article

JPMorgan Chase & Co, Morgan Stanley and Barclays Plc pay most in $1.9 bln swaps price-fixing settlement - Reuters
Thursday, 15 Oct 2015 08:00pm EDT 

Morgan Stanley:JPMorgan Chase & Co, Morgan Stanley & Barclays Plc will pay over half of a more than $1.86 bln settlement resolving investor claims they conspired to fix prices and limit competition in the market for credit default swaps, according to a court filing -RTRS.Details of the settlement's breakdown with those and nine other banks were disclosed in papers filed late on Friday, in federal court in Manhattan, a month after the proposed deal was first announced -RTRS.JPMorgan will pay $595 mln, while Morgan Stanley & Barclays will pay $230 mln & $178 million, respectively, according to the filings -RTRS.The defendants in the case include Bank of America Corp, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group, HSBC Holdings, Morgan Stanley, Royal Bank of Scotland Group & UBS AG -RTRS.Goldman Sachs, Bank of America & Credit Suisse are set to pay about $164 mln, $90 mln and $159 mln, while Deutsche, Citi and BNP Paribas will pay $120 mln, $60 mln & $89 mln - RTRS.British banks HSBC and Royal Bank of Scotland will pay $25 mln & $33 mln -RTRS.The International Swaps and Derivatives Association will pay $750,000, while Markit Ltd, which provides credit derivative pricing services, will pay $45 mln -RTRS.US & European regulators have also examined potential anti-competitive practices in the CDS market -RTRS.Investors include the Los Angeles County Employees Retirement Association and Salix Capital US Inc -RTRS.  Full Article

BRIEF-Qlik Technologies working with Morgan Stanley to find potential buyers - Bloomberg

* Qlik Technologies Inc is working with Morgan Stanley to find potential buyers - Bloomberg, citing sources

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