Morgan Stanley and Axa sued over CBO management

New angles

A Jersey-registered collateralised bond obligation (CBO) investor called Beaford is suing US investment bank Morgan Stanley and French insurer Axa, along with a number of their subsidiaries, alleging that they failed to properly manage three CBOs between 1996 and 2002. Morgan Stanley will contest the allegations, in what could prove a landmark case for CBO arrangers and managers. Poor management of collateralised debt obligations (CDOs) has become an increasingly contentious issue in the structu

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