Nuns’ victory over Morgan Stanley
July 6, 2012 · , "Nuns’ victory over Morgan Stanley". July 4, 2012, http://www.thetablet.co.uk/latest-news/4312
Two congregations of nuns are among a group of investors who secured an undisclosed out-of-court settlement with international investment bank Morgan Stanley over the alleged mismanagement of their investments.
The Holy Faith Sisters in Dublin and the Sisters of Charity of Jesus and Mary in Hertfordshire, along with more than 128 other investors, sought compensation for their losses and €10 million in damages at the UK Commercial Court in London.
The action against Morgan Stanley and its ancillary financial companies, as well as two other financial institutions, centred on claims that investors suffered losses because the bonds they bought were not sold quickly enough. The investors argued that by waiting six months the value of the bonds rose sufficiently to enable Morgan Stanley to gain a €10 million profit while investors were left exposed.