Morgan Stanley, the lead underwriter for Facebook Inc.'s initial public offering, will pay a $5 million fine to Massachusetts to settle charges that its bankers improperly influenced its research analysts when the Internet company went public.
Massachusetts' securities regulator William Galvin announced the fine on Monday. He had been probing top Wall Street investment banks over the matter and had already fined Citigroup $2 million in October.
Galvin said Morgan Stanley violated the 2003 Global Research Analyst Settlement.
© 2013 Thomson/Reuters. All rights reserved.