Spotlight: O.C. Names Morgan Stanley as New Lawsuit Target

Having hammered out a $400-million settlement with Merrill Lynch & Co., Orange County has selected Wall Street titan Morgan Stanley & Co. as the next big target in the county’s lawsuits over its 1994 financial debacle. U.S. District Judge Gary Taylor, overseeing the suits against about 20 firms, didn’t rule on the matter at a hearing. But no serious objections were heard to naming Morgan Stanley the new lead defendant in the county’s efforts to recover its $1.6-billion investment loss.