The New York Post reports that Morgan Stanley looks lilkely to be the spanner in the works which could prevent a global settlement being reached between US federal and state investigations and securities firms in connection with stock research practises.
Quite simply Morgan Stanley is saying that it hasn't done anything wrong and the firm doesn't see why it should be tarred with the same brush as some of its rivals.
The newspaper quotes an unnamed source who claims that the firm has told requlators that it doesn't have any problems and that the proposed single, or global, settlement idea is a bad one. Some cynics feel that Morgan Stanley is no better than the rest - it's just that, to date, there has been no evidence of wrongdoing.
Should a global agreement finally be negotiated, however, the costs to the securities industry are likely to be huge. Some are estimating that firms will pay up to $2bn in total in settlement costs and to establish as many as 20 independent research companies.