Detroit homeowners may revive lawsuit against Morgan Stanley

A proposed class of black homeowners in Detroit may revive their lawsuit against Morgan Stanley after alleging that the bank profited from the risky loans provided to black borrowers by a defunct subprime lender. The homeowners are awaiting a response from the Second Circuit to pursue their case.

By Stewart Bishop (June 24, 2016, 6:38 PM EDT) -- A proposed class of black Detroit homeowners asked the Second Circuit Friday to resurrect their lawsuit, claiming the group's commonality and arguing that Morgan Stanley pushed a defunct subprime lender to provide risky loans to black borrowers and had profited off the debt's securitization....

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