It emerged this week that a second settlement has been agreed by Morgan Stanley, bringing to an end two class actions bought against its subsidiaries by investors who felt that the fund firms in question had wrongfully overvalued assets.
Following the announcement in December 2004 that Morgan Stanley would be paying $10 million to settle allegations involving its Senior Loan Fund, it was revealed this week that the Van Kampen Prime Rate Income Trust has agreed to pay $31.5 million to compensate the aggrieved investors.
Lawyers representing the classes have explained that the settlement sums represent the difference between what the affected investors paid for their shares, and what they would have paid if they had been fairly priced.
Morgan Stanley has denied the fraud allegations, and did not admit liability when agreeing to settle the actions against it.
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