Morgan Stanley

News & Analysis as of

RMBS Suit to Proceed Against Morgan Stanley

On June 16, 2016, Justice Marcy S. Friedman of the Supreme Court of the State of New York largely denied Morgan Stanley’s motion to dismiss a breach of contract action brought by RMBS trustee Wilmington Trust Company. The...more

SEC Fines Morgan Stanley for Data “Breach”

Last week, the SEC fined Morgan Stanley $1 million for two data security failures resulting in the exposure of personal information of 730,000 of its customers. Andrew Ceresney, the director of enforcement at the SEC stated,...more

Morgan Stanley Fined $1 Million by SEC for Cybersecurity Violations

The SEC has taken a new enforcement action, demonstrating its expectations of industry and the willingness to use the variety of tools at its disposal to address concerns with cybersecurity previously signaled by an...more

Cybersecurity News & Notes – June 2016 #2: A brief digest of cybersecurity news you can use...

In Case You Missed It: The SEC fined Morgan Stanley $1 million for a 2014 data breach. While the FTC had declined to pursue an enforcement action, blaming the breach on technical issues rather than any actions or omissions...more

Morgan Stanley Hit With $1 Million Fine In SEC Cybersecurity Enforcement Action

On June 8, 2016, the SEC announced that Morgan Stanley Smith Barney LLC ("MSSB") has agreed to pay a $1 million penalty to settle an enforcement action. The enforcement action is based on the charge that MSSB failed to adopt...more

This Week In Securities Litigation

The elements of an insider trading claim continued to be a key focus this week. The first circuit, following prior circuit precedent, held that a personal benefit based on a long term friendship and a steak dinner was...more

Your daily dose of financial news - The Brief – 6.10.16

More thoughts on the Department of Labor’s new retirement adviser fiduciary duty standard, including questions about the “grassroots” movement the US Chamber of Commerce is claiming to support its opposition to the standard....more

SEC Sanctions BD for Compliance Issues Tied to Data Security

Data security has long been a critical issue. Protecting confidential customer information is key for broker-dealers, investment advisers and other Wall Street participants. Cyber security is a related issue of at least equal...more

SEC Fines Morgan Stanley For Failure to Safeguard Customer Data

Morgan Stanley Smith Barney LLC has agreed to pay $1 million to settle U.S. Securities and Exchange Commission charges that it failed to protect customer information. In an Order issued today, Morgan Stanley agreed to settle...more

Your daily dose of financial news The Brief – 6.7.16

In a gift to Wall Street today, Fed Chair Janet Yellen signaled that May’s weak job numbers were low enough to prompt reconsideration of a June rate hike out of fears of pushing a fragile economy too far too fast....more

Your daily dose of financial news: The Brief – 6.2.16

Everything’s coming up Saudi these days, as Uber revealed this week that it turned to the Middle East for a $3.5 billion cash infusion from Saudi Arabia’s Public Investment Fund—the kingdom’s “main investment fund”—as part of...more

Orrick's Financial Industry Week in Review

SEC Issues Order Modifying and Extending the Pilot Period for the National Market System Plan to Address Extraordinary Market Volatility - On April 21, 2016, the Securities and Exchange Commission issued an order...more

Justice Friedman of the New York Supreme Court Dismisses Two FHFA Repurchase Actions

On April 12, 2016, Justice Marcy Friedman of the New York Supreme Court granted motions to dismiss in two RMBS breach of contract actions filed by FHFA against Morgan Stanley ABS Capital I Inc. (“MSAC”) and Morgan Stanley...more

Second Circuit Reverses and Remands Trial Court’s Summary Judgment Order in Favor of Morgan Stanley in a CMBS Case

On April 27, 2016, the Second Circuit Court of Appeals vacated and remanded the district court’s summary judgment order entered in favor of defendant Morgan Stanley Mortgage Capital, Inc. in the Southern District of New York....more

Simple Majority Voting And The Magna Carta

Some activists are continuing to submit stockholder proposals seeking the implementation of “simple majority voting”.  For example,  Morgan Stanley’s 2016 proxy statement includes the following proposal from Newground Social...more

US Board of Governors of the Federal Reserve System and Federal Deposit Insurance Corporation Jointly Determine that Five US...

The US Federal Reserve Board and Federal Deposit Insurance Corporation jointly determined that the 2015 resolution plans of the following five US domestic global systemically important banking organizations are not credible:...more

Your daily dose of financial news The Brief – 4.19.16

Oh, Theranos. 2016’s not really your year, is it? Word emerged yesterday that the DOJ and SEC are joining health officials in taking a closer look at the blood-testing company, though details of their investigation are...more

Your daily dose of financial news The Brief – 4.6.16

Talk about a regulation with teeth. Within days of the Treasury Department announcing new rules meant to discourage corporate tax inversion deals, Pfizer and Allergan announced they were scrapping their planned $152 billion...more

Your daily dose of financial news The Brief – 4.4.16

It appears that Alaska Airlines has won in the pursuit of Virgin America’s operations, beating out rival JetBlue for the former Richard Branson venture. Alaska announced this morning that “had agreed to acquire Virgin America...more

Update on Institutional Shareholder Voting Guidelines on Management Say-on-Pay and Incentive Plan Proposals

This Alert is an update to last year's Client Alert on the same topic, which also discussed how to win a proxy fight despite a "no" recommendation from Institutional Shareholder Services ("ISS") and/or Glass Lewis. The...more

Your daily dose of financial news The Brief – 3.16.16

Chair Yellen will report on the Fed’s latest meeting at 2pm EDT today. Thanks to the Journal, we’ve got 5 Things to Watch when she does – WSJ... All is not well at Valeant, the struggling drug maker whose stock dropped...more

Morgan Stanley Agrees to Settlement with DOJ and NYAG Totaling $3.15 Billion

On February 11, the U.S. Department of Justice and the Attorney General of State of New York announced dual settlement agreements with Morgan Stanley providing for the payment of $3.2 billion. The settlements relate to Morgan...more

Your daily dose of financial news The Brief – 2.12.16

A year after announcing that it would pay roughly $2.6 billion to settle with state and federal regulators over faulty MBS, Morgan Stanley’s taking an additional $600 million hit, putting the figure at $3.2 billion—no chump...more

Morgan Stanley Settles RMBS Litigation with FDIC for $63M

On January 29, Morgan Stanley and the Federal Deposit Insurance Corporation agreed to settle five suits encompassing state and federal claims alleging that Morgan Stanley made misrepresentations in offering residential...more

Your daily dose of financial news The Brief – 2.5.16

Jobs report Friday again. Here are the 5 Things the Journal told you to watch – WSJ (and NYTimes)... The Upshot’s not saying that a 2016 recession is inevitable, but if it does happen, this may be the path that takes us...more

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