US Court upholds dismissal of Dexia lawsuit against Morgan Stanley

An appeals court in New York has refused to revive a $626m fraud case over toxic residential mortgage-backed securities filed against Morgan Stanley by Dexia SA and its subsidiary FSA Asset Management, citing a lack of standing by the for former and a lack of damages by the latter. 

By Kurt Orzeck (January 12, 2016, 7:09 PM EST) -- A New York state appeals court on Tuesday refused to revive a $626 million suit by Dexia SA against Morgan Stanley over allegedly toxic mortgage-backed securities, ruling that a prior owner didn't technically transfer legal rights to Dexia after their plummet in value....

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