Morgan Stanley to Cover Mutual Fund Losses After Tech Snafu
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Morgan Stanley will swallow some losses incurred by customers who bought mutual funds after the bank failed to make the fund prospectuses accessible online.
Brokerage clients who elected electronic delivery of documents can rescind purchases of mutual funds they bought from Nov. 8, 2013, through Aug. 14, New York-based Morgan Stanley said in a letter addressed to fund companies and obtained by Bloomberg News. Customers who have already sold such holdings at a loss can be made whole, the bank said.