Morgan Stanley deflects bond blame

MORGAN Stanley has moved to deflect responsibility over a bond deal, which has resulted in a number of Irish investors – including two orders of nuns – taking legal action against the US investment bank.

The ongoing legal row – which dates back about six months – relates to the purchase of almost €6 million worth of bonds five years ago and the resultant loss of return.

Nearly 90 Irish-based investors apparently invested in the bonds, including the Sisters of Charity of Jesus and Mary; the Holy Faith Sisters, the Irish Veterinary Benevolent Fund and a number of credit unions.