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In a major legal action, the California Attorney General is charging that the investment bank enticed CalPERS and CalSTRS into buying toxic mortgage-backed securities.
The State of California has filed suit against Morgan Stanley & Co., accusing it of knowingly misleading the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS), enticing the two huge pension funds to buy toxic mortgage-backed securities during the housing bubble that led to the Great Recession. The complaint,...
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