Morgan Stanley said on Tuesday it is responding to potential legal claims from government entities, including the U.S. Department of Justice and several state attorneys general over mortgage securities.The Wall Street bank said some matters with government entities, which are part of the RMBS Working Group of the Financial Fraud Enforcement Task Force, are in "advanced stages."The matters include investigations related to its due diligence on loans it purchased for securitization, its communications with ratings agencies, disclosures to investors and its handling of servicing and foreclosure-related issues.Morgan Stanley also said it will post a tax benefit of about $1.3 billion in the fourth quarter due to the restructuring of a legal entity from a partnership to a corporation. The entity, Morgan Stanley Smith Barney Holdings LLC, is the holding company for the joint venture it created with Citigroup Inc when it agreed to acquire the Smith Barney wealth management business.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 0.52% or $-0.28/share to $53.19. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 17300300 shares of C exchange hands on a given day and today's volume is recorded at 13611255.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.14% or $-0.05/share to $34.66. In the past year, the shares have traded as low as $28.31 and as high as $36.44. On average, 9732480 shares of MS exchange hands on a given day and today's volume is recorded at 8473786.
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