Morgan Stanley has agreed to pay $249 million to resolve federal investigations into its block trades business, officials at the U.S. Attorney’s Office for the Southern District of New York and the U.S. Securities and Exchange Commission announced Friday.
U.S. Attorney Damian Williams of the SDNY also announced that Morgan Stanley has entered into a non-prosecution agreement and that Pawan Passi, the former head of the bank’s U.S. equity syndicate desk, has entered into a deferred prosecution agreement.
