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UPDATE 1-Morgan Stanley may face legal claims from U.S. govt filing

reuters.com | November 6, 2014

Morgan Stanley said on Tuesday it is responding to potential legal claims from government entities, including the U.S. Department of Justice and several state attorneys general over mortgage securities.

The Wall Street bank said some matters with government entities, which are part of the RMBS Working Group of the Financial Fraud Enforcement Task Force, are in "advanced stages."

The matters include investigations related to its due diligence on loans it purchased for securitization, its communications with ratings agencies, disclosures to investors and its handling of servicing and foreclosure-related issues.

Morgan Stanley also said it will post a tax benefit of about $1.3 billion in the fourth quarter due to the restructuring of a legal entity from a partnership to a corporation. The entity, Morgan Stanley Smith Barney Holdings LLC, is the holding company for the joint venture it created with Citigroup Inc when it agreed to acquire the Smith Barney wealth management business.

The company also reduced its third-quarter earnings per share by one penny, from the 84 cents it reported on Oct. 17 to 83 cents per share. The reduction was caused by higher expenses related to delivering investment prospectuses to wealth management clients.

Morgan Stanley made the disclosures in its quarterly 10-Q filing with the U.S. Securities and Exchange Commission.

(Reporting by Lauren Tara LaCapra; Editing by Chris Reese and Dan Grebler)


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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