Morgan Stanley, UBS Pay $14M To Settle CFTC Oil Case

Law360, New York (April 30, 2010, 1:48 PM EDT) -- Units of Morgan Stanley and UBS AG have agreed to pay more than $14 million to settle U.S. Commodity Futures Trading Commission allegations that they hid a large crude oil block trade in violation of the rules of the New York Mercantile Exchange.

The CFTC said Thursday that Morgan Stanley Capital Group Inc. would pay $14 million and UBS Securities Inc. would pay $200,000 to settle the allegations.

Morgan Stanley also agreed for the next three years to notify its traders of new and modified trading...
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.