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Morgan Stanley says New York Attorney General may file lawsuit
[NEW YORK] Morgan Stanley said on Monday that the New York Attorney General's office has indicated that it intends to file a lawsuit alleging that the Wall Street bank misrepresented or omitted material information in about 30 subprime securitizations.
In its annual 10-K regulatory filing, Morgan Stanley said it does not agree with the allegations and presented defenses to the New York Attorney General. It also said legal expenses last year rose to US$3.41 billion last year from US$1.95 billion in 2013.