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BREAKING NEWS

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

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 -
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Mike Segar(Reuters)
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(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)

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