NEW YORK — The American Civil Liberties Union accused Morgan Stanley Monday of violating civil rights laws by encouraging a lender to push more expensive and risky mortgages on black neighborhoods in Detroit.
The ACLU and others filed the lawsuit on behalf of five homeowners who took out loans from New Century Mortgage Corp., a subprime lender that has since collapsed. Morgan Stanley said the allegations were ‘‘completely without merit.’’
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The merit for the case is stated right in the allegation Mr. Money Man. You don't need to look very far.