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Morgan Stanley And Lehman Brothers Subpoenaed

Oct 16, 2002 |

Investment banks Morgan Stanley and Lehman Brothers revealed in regulatory filings on Tuesday that they had been subpoenaed for information by lawmakers investigating Wall Street practices.

Morgan Stanley said in a filing with the US Securities and Exchange Commission that the SEC asked it on October 9 for records related to shares of initial public offerings it gave to executives who work for investment banking clients.

Separately, Morgan Stanley received a subpoena two weeks ago from federal regulators investigating the energy crisis in California.

Lehman Brothers also disclosed in a SEC filing that it had received subpoenas and requests for information, documents and testimony from various governmental and regulatory agencies "in connection with the industry-wide investigations of research analyst independence and related issues".

Lehman was not currently party to any legal, governmental or regulatory proceedings related to these investigations, it said in the filing.

Morgan Stanley said that its commodities trading group, Morgan Stanley Capital, was co-operating with the request from the Commodities and Futures Trading Commission.

The CFTC is probing whether traders manipulated energy markets during the power crisis in California two years ago.

Morgan Stanley has already supplied information to the Federal Energy Regulatory Commission, which is also looking into the matter. The FERC request related to possible "wash" trades circular transactions companies created to increase volume.

No charges against Morgan Stanley have resulted from the investigations.

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