DOJ requests approval of Morgan Stanley settlement, despite no acknowledgment of liability

Mar 06, 2012

DOJ attorneys have requested that U.S. District Judge William Pauley accept the Morgan Stanley settlement. Under the terms of the deal, Morgan Stanley will pay $4.8 million but explicitly disclaims admissions or findings of liability. The settlement resolves charges that Morgan Stanley entered into a derivative contract with KeySpan in 2006 that led to higher electricity prices in New York City.

The Public Service Commission of the State of New York and the AARP oppose the settlement because Morgan Stanley does not have to admit any wrongdoing.

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