Caught you!

By REUTERS
Published: June 13, 2007
Morgan Stanley will pay $4.4 million to settle a class-action lawsuit with brokerage clients who bought precious metals and paid storage fees, according to a court filing.

The proposed settlement, which is subject to approval by the Federal District Court in Manhattan, includes $1.5 million in cash and other benefits valued at about $2.9 million, according to a court filing on Monday.

The suit, filed in August 2005, asserted that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store.

But Morgan Stanley either made no investment specifically on behalf of those clients, or made entirely different investments of lesser value and security, according to the complaint.

http://www.nytimes.com/2007/06/13/business/13morgan.html?_r=1&dlbk&oref=slogin

Thank you GATA!