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Morgan Stanley forced Frasers off books with $1 billion margin call, court told

LONDON (Reuters) -Morgan Stanley used an "unrealistic" and "inappropriate" near $1.0 billion margin call to force trades held by retail tycoon Mike Ashley's Frasers group off its books partly out of snobbery, London's High Court was told on Wednesday. Ashley, whose fortune is estimated by Forbes to be worth $5.2 billion, told the first day of a two-week trial that the demand for collateral by the Wall Street bank, that had spurned him as a client three years ago, had left him in "total shock". Frasers is suing Morgan Stanley for about 47 million euros ($51 million) over alleged costs and lost trading profits after the bank imposed the margin call - security to cover possible losses - on the retailer's trading position in German fashion group Hugo Boss in May 25, 2021. ....

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Petrofac fined $105 million, former executive jailed for bribery

Second guilty plea secured by Serious Fraud Office in 6 months ....

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