News Update: Morgan Stanley Sued for Fraud by China Development Industrial Bank

Morgan Stanley (NYSE:MS) has been sued by China Development Industrial Bank for fraud, reports Bloomberg Wednesday. The Chinese bank is looking to recover losses from a residential mortgage-backed securities investment. China Development’s intention to sue Morgan Stanley became public following market close late Tuesday afternoon. SmarTrend currently has Morgan Stanley in an Uptrend and is monitoring these developments and will alert subscribers to any change of trend.