The plaintiff: Deripaska sues Morgan Stanley and BNP Paribas, claiming they devalued his 20 stake in Magna International Inc at the peak of the financial crisis by betting that the price of the shares would fall. — Bloomberg
NEW YORK: Morgan Stanley defeated claims by Russian tycoon Oleg Deripaska that it used inside information about his failing US$1.5bil investment in an auto-parts maker to illegally profit from its own short selling.
The verdict on Friday by a New York jury supports Morgan Stanley’s claim that it acted legally when it bet against the parts maker.
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