Morgan Stanley has reached an eleventh-hour, out-of-court settlement with a group of nuns and other Irish investors over losses they had been claiming to have suffered on structured investments, just under two years after the case was first filed.

UK Commercial Court judge Mr Justice Walker, who had been presiding over the case, told the courtroom this afternoon: "In this matter, the parties have prepared a consent order that reflects an agreement has been reached between them on all claims and counterclaims."