Law360, New York (July 23, 2015, 9:51 PM EDT) -- A New York federal judge is keeping alive private insider-trading claims in a suit against Morgan Stanley by a Russian oligarch-owned investment vehicle, saying there was ample evidence to suggest that the bank may have traded on material non-public information.Veleron Holding BV, whose parent, OJSC Russian Machines, is owned by Russian oligarch Oleg Deripaska, sued Morgan Stanley over stock trades for a Canadian company, Magna International.Veleron says Morgan Stanley wrongfully shorted Magna stock in the days and hours around a hundred-million-dollar margin call and leading up to an Accelerated Book Building — a form of private offering in equity... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Morgan Stanley will reportedly have to face allegations of insider trading brought by a Russian oligarch-owned investment vehicle, with a judge saying that there is ample evidence to suggest that the bank may have traded on material non-public information. Veleron Holding BV, whose parent, OJSC Russian Machines, is owned by Russian oligarch Oleg Deripaska, sued Morgan Stanley over stock trades for a Canadian company, Magna International. Veleron is accusing Morgan Stanley of wrongfully shorting Magna stock.