Morgan Stanley (MS) will pay $95 million to resolve reports of the bank misleading investors in mortgage-backed securities in the run-up to the financial crisis, an article in Business Insider said.

The deal stemmed from a lawsuit pursued by the Public Employees' Retirement System of Mississippi (MissPERS) and the West Virginia Investment Management Board.

The plaintiffs accused Morgan Stanley of violating U.S. securities law in packaging and selling mortgage backed securities in 13 offerings in 2006 and 16 offerings in 2007.

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