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Morgan Stanley & Co., Inc. : Auction Rate Securities Summary: According to a press release dated March 25, 2008, a group of investors sued Morgan Stanley on Tuesday over the brokerage's alleged deceptive marketing of auction-rate securities. The lawsuit, filed in U.S. District Court in Manhattan, alleges that Morgan Stanley "deceptively marketed" auction-rate securities as cash alternatives to money-market funds for investors needing liquidity and failed to make material disclosures about those securities. The complaint is seeking injunctive relief to "compel Morgan Stanley to rescind millions of dollars in ARS transactions" and is seeking compensatory and punitive damages. The lawsuit is seeking class-action status on behalf of thousands of investors who acquired auction-rate securities from Morgan Stanley between March 25, 2003, and Feb. 13, 2008. Auction-rate securities are long-term bonds that have a short-term debt component, in which interest rates are reset in auctions on a daily, weekly or monthly basis. In February, several auctions failed, driving up the interest rates for issuers such as municipalities, student-loan providers and museums. The collapse of the auction-rate securities market has left investors locked into those illiquid investments.
INDUSTRY CLASSIFICATION:
SIC Code: 6211
Sector: Financial
Industry: Investment Services
| COMPANY/ISSUER NAME: | Morgan Stanley & Co., Inc. |
| COMPANY/ISSUER TICKER: | MS |
| COMPANY WEBSITE: | http://www.morganstanley.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Gary Miller, et al. v. Morgan Stanley & Co. Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 03/25/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 3/25/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Sharon Shawn Jamail, et al. v. Morgan Stanley & Co. Inc., et al. | |||
| Type: Complaint | Date on the document: 3/31/2008 | ||
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