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
- Fall family fun
- MDHHS announces enhancements to improve substance use disorder treatment access
- Levin Center looks at congressional investigation of torture and mistreatment of war detainees
- State Unemployment Insurance Agency provides tips on how to stop criminals from stealing benefits
- Supreme Court leaves in place Alaska campaign disclosure rules voters approved in 2020
headlines National
- Professional success is not achieved through participation trophies
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- ‘Jailbreak: Love on the Run’ misses chance to examine staff sexual misconduct at detention centers
- Utah considers allowing law grads to choose apprenticeship rather than bar exam
- Can lawyers hold doctors accountable for wasting our time?
- Lawyer suspended after arguing cocaine enhanced his cognition
