MORE THAN 130 investors, including two congregations of nuns and the Irish Veterinary Beneficiary Fund, who are seeking up to €30 million in compensation and damages, have reached a provisional agreement with Morgan Stanley and two other financial institutions, the High Court in London was told yesterday.
The Holy Faith Sisters, based in Dublin, and the Sisters of Charity of Jesus and Mary, based in Hertfordshire, England, and more than 80 other investors launched the legal action in August 2010, to be joined later by 50 more investors.
They had bought “hybrid structured euro constant maturity swap notes” secured by bonds issued by Dresdner Bank through Bloxham stockbrokers in Dublin, which has since been put into liquidation.
Well done sisters. The rest of you: back to work.
Pic via Belfast Telegraph