One of the world’s largest investment banks has agreed to put $130 million into the nation’s biggest public pension system to settle accusations it knowingly sold bad investments that caused the retirement fund for millions of workers to lose money.
California Atty. Gen. Xavier Becerra and his top deputies repeatedly said Morgan Stanley lied and engaged in fraud, but no one at the company was charged with a crime.
The settlement is a small one for Morgan Stanley, a company that earned $2.4 billion in profit from a total of $10.3 billion in revenue during the first three months of this year. But it is significant because it is the company’s last settlement with government agencies related to the financial crisis. The bank agreed to pay the federal government $2.6 billion in 2016.
“They may tell you they didn’t do anything wrong, but they gave us $150 million. You don’t do that for free,” Becerra said. “Whether or not someone admits it or not, this settlement involves a company that lied and misrepresented to investors what it was selling.”
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