Morgan Stanley to pay $150 million to settle California mortgage securities charges

FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in the Manhattan borough of New York City, January 20, 2015. REUTERS/Mike Segar - Copyright Mike Segar(Reuters)

By Reuters

Published on 25/04/2019 - 20:34•Updated 27/04/2024 - 01:32

Comments

(Reuters) - Morgan Stanley will pay $150 million to settle charges it concealed the risk of mortgage-backed securities that were sold to two large California pension funds, the state's attorney general Xavier Becerra announced on Thursday.

The California Public Employees' Retirement System (CalPERS) will receive $122 million from the settlement, while the California State Teachers Retirement System (CalSTRS) will receive $8 million. The remainder will go to Becerra's office.

(Reporting by Jonathan Stempel in New York; Editing by Marguerita Choy)

Comments

Now playing Next

Business

Morgan Stanley to pay $150 million to settle California mortgage securities charges

You might also like

Inflation, AI and Elon Musk: Five business stories that dominated 2023