Morgan Stanley Fights To Retrieve $3.4M Gas Payment

Law360, New York (June 7, 2010, 2:23 PM EDT) -- Lawyers for Morgan Stanley Capital Group Inc. sought Monday to establish that energy company Trafigura AG should not get to keep $3.4 million from a gasoline trading agreement, contending that the plan unraveled because of participant SemFuel’s financial troubles.

Counsel for plaintiff Morgan Stanley and for defendant Trafigura squared off in a trial before Judge Denise L. Cote of the U.S. District Court for the Southern District of New York, probing witnesses for information supporting their clients’ distinct interpretations of the book transfer arrangement.

Testimony began...
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