Morgan Stanley Dodges Bulk Of Investors' $122M MBS Suit

Law360, New York (July 19, 2013, 5:28 PM EDT) -- The interplay between two Illinois statutes of limitations prevents a group of mutual funds from blaming Morgan Stanley for nearly all of its losses from $122 million in mortgage-backed securities they bought, a New York state judge ruled during a hearing Friday.

Judge Jeffrey K. Oing said in a ruling from the bench that Illinois' securities law's five-year statute of limitations — three years from the purchase date, plus a two-year grace period to allow the wronged party to discover the misdeeds — was a hard...
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