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Morgan Stanley books $1.2 billion legal expense
http://hosted.ap.org/dynamic/stories/U/US_EARNS_MORGAN_STANLEY?SITE=VANOV&SECTION=BUSINESS&TEMPLATE=DEFAULTMorgan Stanley books $1.2 billion legal expense
By STEVE ROTHWELL
AP Business Writer
Jan 17, 8:40 AM EST
NEW YORK (AP) -- Morgan Stanley says its earnings fell in the fourth quarter as it was hit by legal costs related to mortgage-backed securities.
The New York investment bank earned $433 million, or 20 cents a share, in the final three months of 2013. That compared to $982 million, or 49 cents a share, a year earlier.
Excluding litigation costs and a tax benefit, the bank earned 50 cents a share, beating the 44 cents forecast by Wall Street analysts. The results also exclude accounting adjustments related to the value of the bank's debt.
Morgan Stanley reported legal expenses of $1.2 billion related to mortgage-backed securities lawsuits and investigations for the quarter.
