China Development Industrial Bank v. Morgan Stanley & Co.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
*436In this action alleging common-law fraud, fraud in the inducement and fraudulent concealment in the sale of an investment product (credit default swaps), plaintiff purchaser (China) alleges that defendant seller Morgan falsely promoted collateral debt obligations as having specified credit ratings, which Morgan knew to be overstated and misleading. Specifically, the ratings were allegedly generated with grandfathered models and protocols and assumptions that were no longer applicable. Such ratings for Morgan’s products were allegedly procured by way of Morgan’s financial influence over the…
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