Huffington Post:
A case entitled 'The Sisters of Jesus and Mary vs. Morgan Stanley' was filed at the High Court on Tuesday bearing the names of 88 investors, including the Sisters of Charity of Jesus and Mary, the Holy Faith sisters and the Irish Veterinary Benevolent Fund, according to Financial News.
The nuns allege that between January 2005 to December 2006, they were convinced to buy 5.9 million Euros worth of "so-called Hybrid Structured euro constant maturity swap notes" for promised steady returns of 6.25 percent a year for four years. They claim Morgan Stanley contractually assured them that the bonds would be sold immediately if downgraded to a certain level. Deutsche Bank was named as the custodian of the deal, Reuters reports.
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