Morgan Stanley Settles Antitrust Class Action

Skadden obtained judicial approval of a settlement on behalf of Morgan Stanley in the In re: Municipal Bond Derivatives Antitrust Litigation, a class action started after a November 2006 joint SEC/DOJ investigation into alleged bid-rigging among banks, insurance companies and brokers in connection with various forms of municipal bond derivatives. On November 23, Judge Victor Marrero of the U.S. District Court for the Southern District of New York approved a $6.5 million settlement between Morgan Stanley and a nationwide class of direct purchaser plaintiffs. Other defendants in the case have settled related claims for amounts ranging from $37 million to $228 million.