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Morgan Stanley to pay California $150 million over mortgage claims

Apr 26, 2019 - L.A. Biz

Morgan Stanley agreed to pay the state of California $150 million for allegedly misleading investors during the 2003-2007 mortgage crisis.

California Attorney General Xavier Becerra announced the settlement Thursday, alleging that the New York-based financial services giant (NYSE: MS) concealed the high risk of mortgage-backed securities that it sold to the California Public Employees' Retirement System (CalPERS) and the California State Teachers Retirement System (CalSTRS).

Morgan S...