Nonprofit Newswire | Irish Nuns vs Morgan Stanley

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August 11, 2010; Source: Financial News | The Royal Courts of Justice on the Strand, in Westminster, London, has been the venue for many of Britain’s highest profile—and sometimes quite colorful—cases. So it is entirely fitting that when a group of 88 nuns believed that a Wall Street titan had stiffed them for €5.9m million (about $7.6 million), they would seek redress in the place of powdered wigs and silk robes. The claim, entitled “Sisters of Jesus and Mary v Morgan Stanley,” alleges that Morgan Stanley deliberately delayed the sale of bonds owned by the nuns and other investors, despite instructions to the contrary, to increase the company’s fee at the expense of the value of the bonds. End result: Morgan Stanley walked away with more than $11 million while the bonds dropped to a fraction of their former value. We’re not sure how this aligns with the words of one John Mack: “Religion always played a central role in my family. My parents also imbued us with a sense of helping others.” Mack is Morgan Stanley’s chairman of the board.—Timothy Lyster