Posted on 08/11/2010 11:37:37 PM PDT by Fred
A group of Irish investors, including hundreds of nuns, filed a class-action suit with the U.K.'s High Court on Tuesday alleging U.S. investment bank Morgan Stanley failed to satisfy its contractual obligations related to about €6 million ($7.9 million) of bonds they purchased, resulting in the near total wipeout of their investment.
In the claim titled "The Sisters of Jesus and Mary v. Morgan Stanley," 88 investors including the Sisters of Charity of Jesus and Mary, the Holy Faith Sisters and the Irish Veterinary Benevolent Fund allege the improper actions of Morgan Stanley led them to lose at least €5 million, or 80% of their total investment, while the investment bank made a profit. The claimants are represented by the firm Stewarts Law LLP.
Morgan Stanley declined to comment on the case.
(Excerpt) Read more at online.wsj.com ...
/johnny
“Sell all your belongings, give the money to the poor, and follow me.”
Gambling Nuns complaining about a loss...
The nuns’ well-reasoned argument is otherwise known as Nun Sense. (duck’n & runn’n)
I don’t know if this is for the personal benefit of the nuns or a benevolent fund over which they are the stewards.
The Nuns....”rendering unto Caesar...”
Maybe they should have prayed when the market started to tank.
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