Hong Leong Finance sues Morgan Stanley

The Singapore-listed firm is accusing Morgan Stanley of deceptively selling investments doomed to failure.

According to a Bloomberg report, Hong Leong filed a complaint in federal court in Manhattan saying that it entered into a distribution agreement with the investment bank to sell about $72.4 million worth of Pinnacle notes.

“The notes later failed and the Singapore-based company was required to compensate customers for at least $32 million in losses, according to the filing,” said the report.

View the report here.

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