Morgan Stanley settles litigation with China Haisheng
Global financial services firm Morgan Stanley has reached an out-of-court settlement with China-based drinks manufacturer China Haisheng Juice Holdings over a deal involving currency derivatives.
The US bank is to receive $7 million from the Cayman Islands-registered juice maker – less than one third of the $26 million it had wanted – in a case that could have important ramifications for other foreign institutions that have sold derivatives contracts to Chinese companies.
This decision could
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