Judge Revives Claims Over Failed $9B Morgan Stanley SIV
Law360, New York (November 07, 2012, 9:21 PM ET) -- A New York federal judge said Wednesday she would reconsider fraud claims brought by SEI Investment Strategies and Bank of N.T. Butterfield & Son against Morgan Stanley over a failed $9 billion structured investment vehicle, saying she overlooked evidence giving them a right to sue.
A bevy of investors led by Abu Dhabi Commercial Bank is suing Morgan Stanley and several rating services for constructing the investment vehicle — dubbed Cheyne and said to be the largest of its kind at the time — then allegedly falsely inflating Cheyne's ratings. In August, Judge Shira Scheindlin dismissed SEI's fraud claims, saying it didn't show that it had relied on the high ratings when choosing to invest in Cheyne, and dismissed Butterfield and Commerzbank AG's fraud claims for lack of standing.
For the full story please click here
Read More Firm News
- November 23, 2020
- November 16, 2020
- November 5, 2020
- September 29, 2020
- September 28, 2020