- Morgan Stanley (MS) reveals in its annual 10-K filing that it has reached a preliminary agreement to pay $275M to settle an SEC investigation into subprime mortgage bond trades from 2007.
- The deal in principle, reached on Jan. 30, would resolve allegations that the bank misled investors in mortgage bonds that collapsed during the financial crisis.
- Overall, MS said in the filing that litigation expenses totaled $1.95B last year, which includes the SEC case as well as a recently announced agreement to settle a $1.25B dispute with the Federal Housing Finance Agency.
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