Morgan Stanley to pay $2.6 billion to settle mortgage-bond claims

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Morgan Stanley to pay $2.6 billion to settle mortgage-bond claims

Morgan Stanley to pay $2.6 billion to settle mortgage-bond claims

Reuters-

Morgan Stanley said it will pay $2.6 billion to the U.S. government to resolve potential claims stemming from the sale of mortgage bonds before the financial crisis, reducing its 2014 profit by more than half.

Morgan Stanley increased its legal reserves by about $2.8 billion, which lowered its 2014 income from continuing operations by $2.7 billion, or $1.35 per share, the bank said in a regulatory filing. (1.usa.gov/1FueJWH)

The bank had reported earnings from continuing operations of $5.83 billion, or $2.96 per share, for 2014.

[REUTERS]

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