Morgan Stanley & Co. (MS) (MS) was sued by Hong Leong Finance Ltd. of Singapore over claims the New York-based bank deceptively sold investments it had designed to fail.
Hong Leong said in a complaint filed today in federal court in Manhattan that it entered into a distribution agreement with the investment bank to sell about $72.4 million worth of the so- called Pinnacle notes created from August 2006 to December 2007. The notes later failed and the Singapore-based company was required to compensate customers for at least $32 million in losses, according to the filing. Full story
