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Press Release

December 13, 2011

Contact: David Neustadt 212-709-1691

Statement of Financial Services Superintendent Benjamin M. Lawsky on the Morgan Stanley -- MBIA Settlement

"We are pleased Morgan Stanley and MBIA have resolved this matter and applaud their willingness to find common ground allowing both firms to put the time-consuming and expensive litigation behind them. This settlement is good for Morgan Stanley, good for MBIA, and good for the markets and our financial system, allowing firms to move forward and rebuild. With HSBC also settling this week, there are only five firms remaining in a litigation that began with 18. The Department of Financial Services will continue to work closely with the remaining firms and MBIA to seek fair resolutions of this litigation and we will work tirelessly to that end for the benefit of all involved and our financial system."