This fraud action arises from plaintiffs' purchase in 2006 and 2007 of more than $626 million in residential mortgage-backed securities (RMBS) from defendants (Morgan Stanley). In the amended complaint, plaintiffs assert three causes of action against defendants, for common law fraud, fraudulent inducement, and aiding and abetting fraud, based on allegations that they knowingly created, issued and sold poor quality RMBS while representing to plaintiffs that the RMBS were...
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