Morgan Stanley to Pay $102 Million in Subprime Accord
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Morgan Stanley, the sixth-largest U.S. bank by assets, agreed to pay $102 million to settle claims by Massachusetts that the firm financed and securitized unfair residential loans, state Attorney General Martha Coakley said.
Of the $102 million, $58 million will be earmarked for more than 1,000 Massachusetts homeowners, with other funds set aside for the Massachusetts Pension Fund for investment losses and the commonwealth’s general fund, Coakley said today at a press conference in Boston.