The New York Stock Exchange announced this week that it has reached a $19 million settlement agreement with Morgan Stanley over the investment bank's failure to send prospectuses to investors considering purchasing new stock issues. The settlement also covers an unrelated embezzlement case and several smaller regulatory lapses.
The NYSE stated that the failure to issue the prospectuses represented a violation of both its and the Securities and Exchange Commission's regulations.
According to an Associated Press report, Morgan Stanley announced in October that it had put aside $95 million to cover the settlement and to reimburse investors who did not receive prospectuses and decided to have their initial investments refunded.
However, the firm accepted the settlement agreement without admitting or denying any wrongdoing.
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