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"title": "Mike Ashley settles legal battle with Morgan Stanley following ‘snobbery’ claims",
"description": "Frasers Group founder Mike Ashley has settled his legal battle with Morgan Stanley after he claimed \"snobbery\" was behind a $1bn cash demand which threatened to destabilise his empire.",
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"snippet": "Frasers Group founder Mike Ashley has settled his legal battle with Morgan Stanley after he claimed “snobbery” was behind a $1bn cash demand which threatene...",
"url": "https://www.retailgazette.co.uk/blog/2024/05/frasers-morgan-stanley-deal/",
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"highlight": "<em>Frasers</em> Group founder Mike Ashley has settled his legal battle with Morgan Stanley after he claimed “snobbery” was behind a $1bn cash demand which threatened to destabilise his empire.\n\nAshley and the investment bank have reached a settlement following hearings in February, which means no judgement will be passed by the High Court.",
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"highlight": "During closing arguments at the High Court, <em>Frasers</em> said Morgan Stanley’s witnesses confirmed its internal risk controls had been ineffective.\n\nThe investment bank‘s feud with Ashley was based on a call for $1bn cash collateral to pay for the risk from the executive’s trades on the share price of Hugo Boss stock back in 2021.",
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"highlight": "Subscribe to Retail Gazette for free\n\nSign up here to get the latest news straight into your inbox each morning\n\nThe billionaire claimed damages of roughly £40m for the alleged attempt to make <em>Frasers</em> withdraw its positons in the fashion company.",
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"highlight": "A Morgan Stanley spokesman said: “<em>Frasers</em> <em>Group</em> <em>plc</em> and Mr Michael Ashley have both withdrawn their claims against Morgan Stanley on terms which do not involve any payment of monies by any party to any other.\n\n“<em>Frasers</em>, Mr Ashley and Morgan Stanley confirm that the disputes between them are therefore resolved.”",
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"title": "Mike Ashley’s Frasers drops €50mn lawsuit against Morgan Stanley",
"description": "Retailer had accused Wall Street bank of ‘snobbery’ over $1bn margin call",
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"snippet": "Print this page\n\nMike Ashley’s Frasers Group has dropped its €50mn lawsuit against Morgan Stanley ahead of a judgment in the London case that saw the Britis...",
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"highlight": "Print this page\n\nMike Ashley’s <em>Frasers</em> Group has dropped its €50mn lawsuit against Morgan Stanley ahead of a judgment in the London case that saw the British retail tycoon accuse the Wall Street bank of “snobbery”.",
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"highlight": "<em>Frasers</em> withdrew the lawsuit in recent days, with no money exchanged by the parties, according to a spokesperson from Morgan Stanley. The about-turn from <em>Frasers</em> comes after a trial that concluded in March.",
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"highlight": "“<em>Frasers</em> <em>Group</em> <em>plc</em> and Mr Michael Ashley have both withdrawn their claims against Morgan Stanley on terms which do not involve any payment of monies by any party to any other,” the US bank said in a statement. “<em>Frasers</em>, Mr Ashley and Morgan Stanley confirm that the disputes between them are therefore resolved.”\n\nAshley declined to comment.",
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"highlight": "A spokesperson for <em>Frasers</em> did not respond to requests for comment.\n\nThe litigation related to a $1bn margin call Morgan Stanley made to cover derivative positions in fashion group Hugo Boss that the UK retailer held via its broker Saxo Bank, which in turn used the bank for execution and clearing.",
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"highlight": "<em>Frasers</em>, which owns Sports Direct as well as the eponymous department store chain, claimed that Morgan Stanley imposed the margin call without warning, leading Saxo Bank to demand $900mn from <em>Frasers</em>.\n\nMorgan Stanley claimed it did not know who stood behind the trades when it made the margin call.",
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"highlight": "He said the margin call was a “shock” that left him and colleagues at <em>Frasers</em> “drained”. The positions were ultimately transferred via other institutions, led by HSBC, which Ashley said was “instrumental in avoiding a disaster”.\n\nAshley, the former owner of Newcastle United Football Club, is among the City’s most colourful characters.",
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"highlight": "He started as the owner of a single sports shop in Maidenhead in 1982 and went on to build <em>Frasers</em> into a group valued at £3.7bn. He handed the reins of his retail empire to his son-in-law, Michael Murray, in 2022.",
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