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Goldman Sachs Morgan Stanley Reach $6.75M Settlement in Securities Fraud Class Action

This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: A $6.75 million settlement has been reached in a securities class action against Goldman Sachs and Morgan Stanley. The suit alleged that both banks prepared misleading analysts' reports about stock for RSL Communications.

The class action was initially filed against Lehamn Brothers as well as GS and MS, in 2003. In 2005, Judge Scheindlin approved certification for a class of plaintiffs who bought or otherwise acquired common stock in RSL between April 30, 1999, and Dec. 29, 2000. The settlement was reached Jan. 31, 2011.

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Published on Feb-28-11


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