Morgan Stanley Wins On Appeal In Telecom Suit

Law360, New York (August 20, 2008, 12:00 AM EDT) -- A federal appeals court has tossed a lawsuit against Morgan Stanley & Co. Inc. filed by the shareholders of 21st Century Telecom Group Inc., who alleged the investment firm was responsible for millions of dollars lost in a merger when the telecom bubble burst during the late 1990s.

In a decision handed down Tuesday, the U.S. Court of Appeals for the Seventh Circuit upheld a district court's ruling to dismiss the suit for failure to state a claim and for untimeliness.

The appeals court vacated the...
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