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California AG Sues Morgan Stanley Over Complex Investments

Posted By Administration, Monday, April 04, 2016

Attorney General Kamala D. Harris has filed a lawsuit against investment bank Morgan Stanley for misrepresentations of complex investments.

The investments included residential mortgage-backed securities, in which large pools of home loans were packaged together and sold to investors.

Harris says the misrepresentations contributed to the global financial crisis and to major losses by investors including California's public pension funds, which are responsible for the retirement security of state peace officers, firefighters, teachers and other public employees.

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