Morgan Stanley to Fork Over $2.6 Billion to Settle Mortgage Bond Sales Claims
Morgan Stanley will pay the U.S. Department of Justice (DOJ) US$ 2.6 billion to settle claims over its role in the sale of mortgage bonds pre-financial crisis 2008. In January 2015, the bank boosted its legal reserves by US$ 2.8 billion. Bank of America, Citigroup and JPMorgan Chase have all paid billions to settle pending charges in relation to mortgage bond sales before the financial crisis. Bank of America paid a record US$ 16.7 billion in 2014. Some of Bank of America’s largest shareholders are The Vanguard Group, State Street Global Advisors and BlackRock.
JPMorgan Chase settled for US$ 13 billion in 2013.
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