Morgan Stanley seeks to halt Facebook arbitration case

SCRAMBLING: Morgan Stanley is trying to halt a securities arbitration case filed by a Facebook investor who blames the firm and other companies for losses she suffered in the social media giant’s botched initial public offering and is seeking US$1.9mil (RM5.7mil) in damages. — Reuters

NEW YORK: Morgan Stanley is trying to halt a securities arbitration case filed by a Facebook investor who blames the firm and other companies for losses she suffered in the social media giant’s botched initial public offering and is seeking US$1.9mil (RM5.7mil) in damages.

Morgan Stanley, a lead underwriter for the IPO, says the investor is not its customer, and lawyers for the bank filed a complaint in federal court in Manhattan on Monday seeking an order to stop the arbitration as it relates to its firm.