Morgan Stanley fined $5 mln for Facebook IPO

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Morgan Stanley fined $5 mln for Facebook IPO
from MarketWatch.com - MarketPulse
NEW YORK (MarketWatch) -- Massachusetts Secretary of State Francis Galvin on Monday fined Morgan Stanley $5 million for allegedly allowing its investment bank unit to have "improper influence over analysts" in connection with the initial public offering of Facebook Inc. , according to a statement on Galvin's web site. Morgan Stanley neither admitted nor denied any violation, according to a copy of a consent order posted online. "We are pleased to have reached a settlement...and to have put this matter behind us," the bank said in a prepared statement. "Morgan Stanley is committed to robust compliance with both the letter and the spirit of all applicable regulations and laws."