British retailer Frasers Group Plc asked a US judge to order Morgan Stanley Chief Executive Officer James Gorman to produce evidence for its UK lawsuit against the bank over an almost $1 billion margin call.
Frasers claimed in its 2021 lawsuit that the New York bank acted unreasonably by trying to force the retailer to close options positions it had built in fashion brand Hugo Boss.
Morgan Stanley imposed a $995 million call in respect of certain put and call options in Hugo Boss shares in May 2021. Frasers says the call was “out of all proportion to any risk to which Morgan Stanley was exposed,” while the US bank said the “highly concentrated” position required an urgent stress test that warned of steep losses.
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