Investors sue Morgan Stanley over snowball note

News

Investors in a snowball note issue underwritten by Morgan Stanley have filed a lawsuit against the US bank on claims of overpricing and a failure to disclose fees and profits made on the structured product. The notes were issued by the New York branch of Bayerische Landesbank and investors started buying them from HSBC Brokerage in August 2004. The individual investors have enlisted California-based law firms Aidikoff, Uhl & Bakhtiari and Johnson & Johnson to represent them.

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