Nuns’ €16m bond sale action nears settlement
Andrew Sutcliffe, counsel for the private investors, told the High Court in London that a settlement is close to being reached by the 129 investors — most of whom lived or were based in Ireland — who said Morgan Stanley failed to sell notes soon enough after they were downgraded.
The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters, based in Glasnevin, Dublin, the Irish Veterinary Benevolent Fund, and individual investors sued Morgan Stanley and Saturns Investments Europe, a special-purpose vehicle set up by the New York-based bank, in 2010.
