Hospital sues investment adviser
Northwest Community Healthcare in Arlington Heights is suing Morgan Stanley for more than $7 million in losses sustained through subprime mortgage investments. According to the suit filed this week in U.S. District Court in Chicago, the investments were specifically banned as derivatives in the health agency's agreement with Morgan Stanley Investment Management, and the finance firm posted them as "other mortgages" in reports to the agency. The suit charges breach of contract and fiduciary duty and seeks restitution.
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