Morgan Stanley Says $111M MBS Suit Distorts Contract Terms

Law360, New York (March 4, 2014, 7:49 PM EST) -- A Morgan Stanley subsidiary on Tuesday tried to persuade a New York judge to dismiss a breach of contract suit brought by a trust over $110.8 million in losses suffered by investors in mortgage-backed securities, saying a grant of the remedies sought by the investors would rewrite the underlying contracts.

An attorney for the financial services giant told New York Supreme Court Judge Marcy S. Friedman that the bid by U.S. Bancorp, acting as a trustee for investors, to go after the entire securitization at issue...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.