Hausfeld LLP Announces $4.95 Million Settlement with Morgan Stanley

WASHINGTON--(BUSINESS WIRE)--Hausfeld LLP, a global law firm dedicated to handling complex litigation and class action matters for businesses, organizations, and individuals, announced a $4.95 million settlement with Morgan Stanley in In re: Municipal Derivatives Antitrust Litigation, Case No. 08 Civ. 2516 (S.D.N.Y.). Hausfeld LLP serves as one of the interim class counsel law firms leading the case.

In this antitrust class action regarding municipal derivatives, the plaintiffs allege that banks, insurance companies and brokers engaged in anticompetitive behavior in the municipal derivatives industry to the detriment of state, local, and municipal governments and their agencies, as well as private entities that purchased municipal derivatives from 1992 to the present. Morgan Stanley has vigorously denied all claims of alleged wrongdoing and entered the settlement without any such admission in order to avoid the costs, burdens, and business distraction of costly class action litigation.

Under the settlement, which awaits court approval, Morgan Stanley has agreed to pay $4.95 million to resolve the claims, along with an additional $1.55 million for notice and costs associated with administering the settlement. Plaintiffs continue to pursue antitrust claims against other entities in the municipal derivatives industry.

Hausfeld LLP attorneys working on this case are Michael D. Hausfeld, Michael P. Lehmann, Megan E. Jones and Faris Ghareeb. For additional information www.hausfeldllp.com