Morgan Stanley to Pay $2.6 Billion to Settle Mortgage Cases
February 25 2015 - 6:30PM
Dow Jones News
Morgan Stanley agreed to pay $2.6 billion to settle U.S. claims
stemming from the sale of mortgage bonds, the Wall Street firm said
Wednesday in a regulatory filing.
Morgan Stanley upped its legal reserves by about $2.8 billion,
and accounted for the costs in the 2014 results of its securities
business, according to the filing. The higher reserves in turn cut
the firm's 2014 income from continuing operations by $2.7 billion,
or $1.35 a share.
The firm reached the agreement in principle with the U.S.
Department of Justice, and the U.S. Attorney's Office, Northern
District of California.
Write to Justin Baer at justin.baer@wsj.com
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