{"id":5064,"date":"2010-10-04T00:00:00","date_gmt":"2010-10-04T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2010\/10\/in_securities_fraud_case_again_1"},"modified":"2022-04-14T14:22:26","modified_gmt":"2022-04-14T19:22:26","slug":"in-securities-fraud-case-again-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/in-securities-fraud-case-again-1\/","title":{"rendered":"In Securities Fraud Case Against Morgan Stanley Pension Fund Doesn\u2019t Have Standing to Bring Certain Claims, Says Court"},"content":{"rendered":"

A US district court judge has issued a ruling in the securities fraud lawsuit<\/a> against Morgan Stanley<\/a> and several affiliates. The case, which was brought by West Virginia Investment Management Board (WVIMB), involves mortgage-backed securities.<\/p>\n

WVIMB, which bought securities from Morgan Stanley Mortgage Loan Trust 2007-11AR, had filed class claims against securities bought under the trust claiming that the defendants had violated federal securities laws when making mortgage-backed securities sales. However, WVIMB wanted to expand the claims to include 30 other loan trusts even though it hadn\u2019t bought securities from them.<\/p>\n

Morgan Stanley and its affiliates contended that WVIMB did not have the legal standing to pursue claims on certificates it didn\u2019t buy. They also said that the plaintiff waited too long to file its claims on Trust 2007-11AR. The court agreed.<\/p>\n

According to Judge Laura Taylor Swain\u2019s decision, pension funds do not have standing to bring certain claims, and, at least in court, there will be a distinction made between loan trusts that have separate prospectus supplements even if they have the same shelf registration statement. The court also noted that the pension fund had enough information that it could and should have filed its securities lawsuit sooner. Swain\u2019s decision narrowed the pension fund\u2019s claims that the defendants affiliates violated federal securities laws when making mortgage-backed securities sales.<\/p>\n

Mortgage-Backed Securities<\/strong>
\nMany securities fraud lawsuits that have been filed over the alleged wrongdoings related to the marketing, packaging, and sale of mortgage-backed securities. Retirement funds, pension funds, and other investors are among those that have sued investment firms and banks for misleading them about these securities and failing to reveal the true degree of risk involved in investing in them.<\/p>\n

Related Web Resources: <\/strong>
\nWest Virginia Investment Management Board<\/a><\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A US district court judge has issued a ruling in the securities fraud lawsuit against Morgan Stanley and several affiliates. The case, which was brought by West Virginia Investment Management Board (WVIMB), involves mortgage-backed securities. WVIMB, which bought securities from Morgan Stanley Mortgage Loan Trust 2007-11AR, had filed class claims against securities bought under the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3787,3757,3957,3864],"tags":[],"class_list":["post-5064","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-morgan-stanley","category-mortgagebacked-securities","category-pension-funds","category-subprime-mortgage"],"yoast_head":"\nIn Securities Fraud Case Against Morgan Stanley Pension Fund Doesn\u2019t Have Standing to Bring Certain Claims, Says Court — Investor Lawyers Blog — October 4, 2010<\/title>\n<meta name=\"description\" content=\"A US district court judge has issued a ruling in the securities fraud lawsuit against Morgan Stanley and several affiliates. 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