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Morgan Stanley to face Tops Friendly Markets’ creditors in $375m lawsuit
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A trustee for Tops Friendly Markets creditors can move forward with a lawsuit against Morgan Stanley and other company backers over dividends paid before the grocery chain filed for chapter 11.
The creditors filed the claims in 2020 against Morgan Stanley Investment Management and other former owners of Tops, alleging the private equity owners paid themselves $375m in dividends while leaving Tops insolvent, unable to cover its debts and pension obligations.
Bankruptcy...
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