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Morgan Stanley, TD Ameritrade Make Good on IOU's to NJ Investors
Morgan Stanley and TD Ameritrade Holding fulfilled their previous settlements New Jersey's division of consumer affairs, repurchased a combined $338 million worth of Auction Rate Securities (ARS's) from clients residing in that state - $323M by Morgan; $16M by TD. All told, Morgan Stanley has repurchased $4.5 billion in securities.repurchase agreement it announced in August 2008, pledging to make clients whole following heavy losses from the securities. Meanwhile, TD Waterhouse has repurchased a total of $305 million in ARS's in this settlement.
Morgan Stanley actually completed its ARS repurchases at the end of 2009, while TD Ameritrade did so in 2010. In a statement Thursday, the New Jersey office alleged that Morgan Stanley "failed to adequately train all of its brokers and financial advisers about the potential illiquidity of ARS and never disclosed increasing risks of owning or purchasing ARS to its customers." Under terms of the consent order, Morgan Stanley also paid $1.6mn in penalties.The New Jersey consumer affairs agency Thursday alleged that TD Ameritrade's "RR's failed to provide customers with adequate and complete disclosures regarding the complexity of the auction process and the risks associated with ARS's."
The acting director of the New Jersey Division of Consumer Affairs closed out his statement by adding, "we're not done yet." [MarketWatch, 4/21/11]
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