Morgan Stanley is paying a $3.2 billion fine related to residential mortgage-backed securities sold before the financial crisis.
Quoting from an employee email: “Please do not mention the ‘slightly higher risk tolerance’ in these communications. We are running under the radar and do not want to document these types of things.”
New York Attorney General Eric Schneiderman on Thursday announced a $3.2 billion settlement with the firm over charges it misled investors on the quality of mortgage loans it sold.
New York State will receive $550 million.