Nuns to sue Deutsche Bank and Morgan Stanley

The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters and the Irish Veterinary Benevolent Fund are part of a group of 88 individuals who are suing the two banks for allegedly profiting at their expense, according to The Telegraph. The nuns and other investors bought euro-denominated notes worth £4.8m linked to Dresdner Bank bonds in 2005. They claim Morgan Stanley failed to deliver on contractual pledges to redeem the debt after Dresdner Bank's credit rating was cut below an agreed point. Morgan Stanley, the nuns say, instead waited until the value of Dresdner Bank debt inc...