Singapore Co. Faults Morgan Stanley For $32M Loss

Law360, New York (August 6, 2012, 10:48 PM EDT) -- Singapore-based Hong Leong Finance Ltd. on Monday sued Morgan Stanley & Co. Inc., claiming it lost $32 million when it was deceived into buying investments based on risky collateralized debt obligations.

In a lawsuit filed in New York federal court, Hong Leong claims Morgan Stanley was dishonest about the reliability of what appeared to be straightforward credit-linked notes, which it says were issued by Morgan Stanley special purpose vehicle Pinnacle Performance Ltd. Hong Leong, a finance company that the suit describes as similar to a savings...
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