Hong Leong Finance sues Morgan Stanley
The Singapore-listed firm is accusing Morgan Stanley of deceptively selling investments doomed to failure.
According to a Bloomberg report, Hong Leong filed a complaint in federal court in Manhattan saying that it entered into a distribution agreement with the investment bank to sell about $72.4 million worth of Pinnacle notes.
“The notes later failed and the Singapore-based company was required to compensate customers for at least $32 million in losses, according to the filing,” said the report.
View the report here.