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Morgan Stanley, Credit Suisse Among Lenders to Luckin Boss [Yahoo! Finance News]

Morgan Stanley (MS) 
Last morgan stanley earnings: 4/16 07:15 am Check Earnings Report
US:NYSE Investor Relations: morganstanley.com/about-us-ir
) -- Morgan Stanley, Credit Suisse Group AG and Haitong International Securities Group were among the biggest participants in a series of margin loans to Luckin Coffee Inc.’s founder before accounting fraud allegations at the high-flying Chinese company triggered a collapse in the stock and caused him to default, a person with knowledge of the matter said.The banks were part of a group that extended margin debt to Luckin Chairman Lu Zhengyao across three funding rounds, said the person, who asked not to be identified as the matter is private. Haitong put up $140 million, while Morgan Stanley and Credit Suisse lent about $100 million each, the person said. Barclays Plc, Goldman Sachs Group Inc. and China International Capital Corp. also had smaller exposures, the person said, adding that a portion of the loans were repaid before the default.Goldman Sachs said in a statement on Monday that an entity controlled by Lu’s family trust reneged on $518 million of margin debt and that lenders Show less Read more
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