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Morgan Stanley to pay $150 million to settle California mortgage securities charges

Reuters logo Reuters 4/25/2019 Jonathan Stempel

Morgan Stanley will pay $150 million to settle charges it concealed the risk of mortgage-backed securities that were sold to two large California pension funds, the state's attorney general Xavier Becerra announced Thursday.

The California Public Employees' Retirement System (CalPERS) will receive $122 million from the settlement, while the California State Teachers Retirement System (CalSTRS) will receive $8 million. The remainder will go to Becerra's office.

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