Citi sues Morgan Stanley
Citigroup Inc sued Morgan Stanley on Friday for breach of contract, saying the Wall Street firm owed it $245.4 million for protection it bought on a loan.
Morgan Stanley and Citigroup, which are attempting to set up the biggest US brokerage firm, are planning to pay brokers nearly $3 billion to prevent them from being poached away from the joint venture, sources said, according to The Wall Street Journal.