Business

Morgan Stanley in preliminary deal to settle probe

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NEW YORK — Morgan Stanley said Tuesday it had reached a preliminary agreement with the Securities and Exchange Commission to settle an investigation into the investment bank’s subprime mortgage business.

Morgan Stanley agreed to pay $275 million in fines to settle the investigation, according to a regulatory filing made late Tuesday. The SEC’s commissioners have not agreed to the settlement yet, and the bank said it had no assurances that the deal would be approved.

An SEC spokesman declined to comment.

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