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Morgan Stanley agrees to pay $2.6bn to settle federal probes into mortgage sale scandal


economy

Morgan Stanley agrees to pay $2.6bn to settle federal probes into mortgage sale scandal

Morgan Stanley has reached a tentative $2.6bn agreement to settle federal authority investigations into its sale of mortgage securities.

Government investigators have been probing allegations that the bank hoodwinked investors about the financial quality of the mortgage bonds, which plummeted during the 2008 financial crisis.

US authorities have come to similar agreements on the same issue with other financial firms like JP Morgan Chase, Citigroup and Bank of America, which have agreed to pay a total of $35 billion.

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