Irish nuns settle investment case with major financial institution
Holy Faith Sisters agree compensation deal in London
An Irish congregation of nuns have reached a settlement with investment bankers Morgan Stanley and two other financial institutions.
The Holy Faith Sisters, based in Dublin, have been as one of the 130 investment groups to have settled compensation and a damages claim.
London’s High Court has heard that the investors, which also include the English based Sisters of Charity of Jesus and Mary and the Irish Veterinary Beneficiary Fund, sought over $40million.
The Irish Times reports that they have now reached a provisional agreement with Morgan Stanley and two other financial institutions.
The legal action was launched in 2010 when they claimed to have ‘bought hybrid structured euro constant maturity swap notes’ secured by bonds issued by Dresdner Bank through Bloxham stockbrokers, the Dublin company which has since been put into liquidation.
They claimants told the London court that they lost more than $30 million, money they are now seeking back from Morgan Stanley Co International, Morgan Stanley Capital Services, Saturns Investments Europe and Deutsche Trustee Company Ltd, alongside $14million in damages.
They alleged that Saturns, with the knowledge and co-operation of the Morgan Stanley companies, ‘deliberately or carelessly’ did not redeem the notes when a mandatory redemption was triggered in January 2009 after the underlying bonds created by Dresdner Bonds were downgraded by Standard Poors to BBB- grade, or below.
The investors also claimed that the notes were redeemed six months later when their value had risen substantially, leading to a $15million profit for Morgan Stanley.
Lawyers for the Morgan Stanley companies, Saturns and Deutsche Trustees, told the London High Court that a provisional agreement had been reached with the investors but further time was needed to resolve the terms of the settlement.
- An open letter in strong defence of capitalism.
- Sarah Palin is saving Christmas
- Racist incidents in Ireland up by 85 percent...
- Virginia governor slammed by doctor over...
- Gay teacher fired from Catholic school after...
- Irish drugs mule to escape full trial and...
- Top Christmas Irish ads that will be bring...
- Families as well as Catholic Church and governm
- Nelson Mandela was against IRA decommissioning.
- Irish radio presenter suspended after anti-Isra
Barry - You muddle the point. In any event, be careful, more thoughtful and reflective in what you wish for. You may just get it.The perfect gift for Christmas, a stay at an Irish hotel
did you mean to type "homey" guesthouses? there's a big distance between a homey place and a "homely" place (that trancends the dAn open letter in strong defence of capitalism to Pope Francis
Conboy argues an American, self-interested, profit-motivated, capitalist ideology against the wisdom of the gospel. James 3:17: "But the wisdom fObama relative gets personal special deal on immigration in Boston court
fiddlefan, Please explain to me , how you can be in a country illegally and be a law-abiding citizen of that country.