Morgan Stanley and Goldman Sachs,which agreed to pay $5.06bn final month, are two of the final large banks to pay up for their role in the 2008 economic crisisMorgan Stanley will pay $3.2bn to settle federal and state charges that it misled investors in residential mortgage-backed securities during the financial crisis, and the New York attorney general’s office announced on Thursday.
The announcement comes a month after Goldman Sachs agreed to pay $5.06bn to resolve civil claims related to the firm’s securitization,underwriting and sale of residential mortgage-backed securities from 2005 to 2007. The Goldman Sachs settlement included $875m in cash payments and $1.8bn in consumer relief.
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Source: theguardian.com