Morgan Stanley sued Sterling Stamos funds over $17.6m in distributions, which it claims were withheld from a hedging affiliate that owned units in a liquidating trust set up by the money management firm.
Sterling Stamos was established by Peter Stamos, chairman of Major League Baseballâ??s investment advisory board, with the New York Mets owners as partners, and has $9.5bn of assets under management, according to court documents.
The firmâ??s funds told Morgan Stanley they were holding distributions in escrow because they feared they would face competing claims on the money from two of the investment bankâ??s units even after being told there was no risk of that, Morgan Stanley said in a filing in New York state court yesterday.
The case is Morgan Stanley & Co. v. Sterling Stamos Security Fund LP, 650796/2012, Supreme Court of the State of New York, County of New York.
