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Morgan Stanley Says It Will Buy Back $4.5B ARS

Law360 (August 12, 2008, 12:00 AM EDT) -- Following last week's multibillion-dollar agreements by Citigroup Inc. and UBS AG to buy back auction rate securities at par, Morgan Stanley announced Monday it would repurchase $4.5 billion worth of auction rate securities held by its retail accounts.

The announcement comes as New York Attorney General Andrew Cuomo revealed that his investigation of fraudulent sales practices among players in the ARS market would focus on a new group of firms, including Morgan Stanley, JP Morgan Chase & Co. and Wachovia Corp.

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