Morgan Stanley Settles Investor Suit Over ARS

Law360, New York (February 9, 2012, 6:01 PM EST) -- Morgan Stanley & Co. has undertaken a review of its corporate practices to settle a shareholder suit accusing its heads of manipulating the market for auction rate securities, attorneys told a New York federal judge on Thursday.

U.S. District Judge Alvin K. Hellerstein gave his preliminary approval to the deal, which will end several years of litigation in Delaware and New York over the financial services company's alleged involvement in an industrywide scheme to trick investors into believing the market for ARS was safe and liquid....
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