Morgan Stanley agreed to pay $95m (€74m) to settle fraud charges for its role in the 1999 collapse of insurer General American Mutual Holding.

According to a report in Reuters, Albert Riederer, special deputy liquidator for General American, said the settlement money will go to the mutual's 302,000 policyholders. Reuters said a Missouri state judge approved the settlement on November 8. The trial is set to begin on November 27.