Morgan Stanley escape risky loans lawsuit

The Second Circuit has denied the adequacy of a lawsuit lodged by group of black homeowners in Detroit. The court noted that the group had not successfully challenged a ruling which had barred them from collectively pursuing their claims. The unsuccessful lawsuit had claimed that Morgan Stanley provided the group with risky loans from a defunct subprime lender.

By Martin O'Sullivan (July 14, 2016, 7:05 PM EDT) -- The Second Circuit on Thursday said that a group of black Detroit homeowners hadn't adequately challenged a ruling barring them from collectively pursuing claims that Morgan Stanley pushed a defunct subprime lender to provide them with risky loans....

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