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.

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.