NEW YORK (AP) — Morgan Stanley said Wednesday that it has agreed to pay $2.6 billion to settle with the federal government over its role in the mortgage bubble and subsequent financial crisis.
The settlement makes Morgan Stanley the latest Wall Street bank to reach a settlement with federal authorities, following the billions paid by JPMorgan Chase, Bank of America and Citigroup.
The $2.6 billion will go to “resolve certain claims” the Justice Department intended to bring against Morgan Stanley related to its mortgage division, the bank said in a regulatory filing.
Wall Street banks have paid tens of billions of dollars in the last two years to settle state and federal charges that they misrepresented the risk subprime mortgage bonds represented to investors.
- Posted March 03, 2015
- Tweet This | Share on Facebook
Morgan Stanley to pay $2.6B to settle charges over mortgages
headlines Macomb
- Lawyer publishes first of three children’s books
- US government agrees to $138.7M settlement over FBI's botching of Larry Nassar assault allegations
- Owner of twice-sunken Lake Michigan barge pleads guilty to felony
- Woman charged with murder in crash that killed young brother and sister at birthday party
- MDHHS to issue maternal health quality payments to hospitals
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case