Morgan Stanley to pay $130 million to California pensions over bad investments [Los Angeles Times (CA)]
Morgan Stanley (MS)
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Source: Los Angeles Times
Morgan Stanley to pay $130 million to California pensions over bad investments One of the world’s largest investment banks has agreed to put $130 million into the nation’s biggest public pension system to settle accusations it knowingly sold bad investments that caused the retirement fund for millions of workers to lose money. California Atty. Gen. Xavier Becerra announced the settlement with Morgan Stanley on Thursday. The bank is to pay $150 million. Of that, $122 million will go to the California Public Employees’ Retirement System, known as CalPERS, and $8 million will go to the California State Teachers’ Retirement System, or CalSTRS. The rest will go to the attorney general’s office. Thursday’s settlement is part of California’s effort to recover the billions of dollars it lost during the financial crash of 2008, after banks rushed to approve mortgage loans in the mistaken belief the homes would not lose their value even if the buyers failed to pay the money back. But home value
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- 5/7/24 - Form 424B2
- MS's page on the SEC website