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Nuns' legal action could be settled

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The Holy Faith Sisters, based in Glasnevin, sued Morgan Stanley after buying bonds

The Holy Faith Sisters, based in Glasnevin, sued Morgan Stanley after buying bonds

The Holy Faith Sisters, based in Glasnevin, sued Morgan Stanley after buying bonds

A legal row between an order of nuns and an investment bank could be settled out of court, a judge has heard.

The Holy Faith Sisters - based in Glasnevin, Dublin - sued Morgan Stanley after buying bonds.

Nuns were among scores of investors who took legal action.

Lawyers told a High Court judge in London that all investors had agreed a "provisional" settlement with Morgan Stanley.

More than 100 investors claimed they suffered "substantial losses" because bonds were not sold quickly enough.

In court papers lawyers said investors - most of whom lived or were based in Ireland - lost more than 18.6 million euro in total.

Paperwork showed that the Holy Faith Sisters invested around 348,000 euro.

Andrew Sutcliffe QC, who represented investors, told Mr Justice Walker: "The action has not yet settled but terms have been provisionally agreed."

Laurence Rabinowitz QC, for Morgan Stanley, said: "It is likely this matter will be disposed of."

A further hearing is expected in the near future.

PA