Morgan Stanley said it was cooperating with U.S. regulators over investigations into its block-trading practices and providing authorities with information, according to a filingon Friday.
The bank said it has also has responded to demands from shareholders for records concerning the investigations.On Feb. 6, a New York state judge refused to dismiss a proposed class action against Morgan Stanley and other underwriters that helped the media company Viacom Inc sell $2.7 billion of stock in March 2021.
Investors claimed the bank and other underwriters should have disclosed risks associated with Archegos Capital Management, a $36 billion family office founded by New York investor Bill Hwang.March 2021 after failing to meet margin calls on swaps on Viacom CBS and other stocks. Several large banks sustained substantial losses.
Reporting by Saeed Azhar and Jonathan Stempel in New York, Anirban Chakroborti in Bengaluru; Editing by Krishna Chandra Eluri, Lananh Nguyen and David Gregorio
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