Morgan Stanley to pay $7.5 million over customer protection rule violations

Morgan Stanley will pay $7.5 million to settle civil charges that it violated customer protection rules when it used trades involving customer cash to lower its borrowing costs, U.S. securities regulators said Tuesday.

The Securities and Exchange Commission said that Morgan Stanley will settle the case without admitting or denying the charges.

(Reporting by Sarah N. Lynch; Editing by Chizu Nomiyama)