Morgan Stanley Plaintiffs Ask Judge To Rethink Halt

Law360, New York (July 9, 2009, 12:00 AM EDT) -- Plaintiffs in a shareholder derivative suit alleging Morgan Stanley directors aided the manipulation of the auction rate securities market have asked a federal court to reconsider a ruling that halted proceedings so the broker-dealer's board of directors could consider investigating the claims first.

In a June 24 ruling, Judge Alvin K. Hellerstein of the U.S. District Court for the Southern District of New York ruled the plaintiffs were not exempted from first making a demand on Morgan Stanley's board and affording the defendants the chance to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.