Morgan Stanley legal costs knock penny per share off profits


Morgan Stanley investors received a penny less in profit per share last quarter due to legal expenses that were booked between the company's earnings press release on April 18 and the time it made its quarterly regulatory filing on Tuesday.

The bank originally reported earnings attributable to common shareholders of $958 million, or 49 cents per share, but revised that to $936 million, or 48 cents per share, according to Morgan Stanley's 10-Q filing with the U.S. Securities and Exchange Commission.

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Since its earnings day, Morgan Stanley has settled litigation with Abu Dhabi Commercial Bank and King County, Washington, over structured investment vehicles issued during the financial crisis.

(Reporting By Lauren Tara LaCapra; Editing by Steve Orlofsky)