Morgan Stanley accused of discrimination (Times Online)

Morgan Stanley, the American investment bank, is being sued for allegedly discriminating against borrowers from America’s ethnic minorities.

The National Community Reinvestment Coalition (NCRC), a “fair lending” organisation in the United States, has filed a lawsuit in Washington against the bank claiming that it has deliberately failed to offer credit facilities to “African-American, Latino, Native American, Asian and Pacific Islander communities” solely on the ground of race.

It also brought the lawsuit to the attention of the US Securities and Exchange Commission, because the action also alleges that Morgan Stanley breached disclosure rules by failing to reveal to whom they had offered mortgages. The bank vehemently denies the allegations.

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