Schneiderman should run for President… Oh forgot, he’s not in the corruption click.
Morgan Stanley is in discussions to pay $500 million to settle an investigation by New York’s attorney general into whether the Wall Street bank misled investors in taking mortgage bonds that lost value during the financial crisis, the Wall Street Journal reported Sunday in its online edition, citing people familiar with the matter.
A deal with New York Attorney General Eric Schneiderman would likely include some cash from Morgan Stanley as well as consumer relief, the report said.
An agreement between the New York-based financial institution and Schneiderman’s office isn’t imminent, however, and the terms under discussion have changed, the report said. Aid to struggling homeowners will account for more than half of the total value of the settlement, but the form of the consumer relief isn’t clear, according to sources.