Harris County officials are not pulling any punches when it comes to one of the country's largest financial institutions. County Commissioners have given first assistant county attorney Terry O'Rourke the go ahead to file a lawsuit against Morgan Stanley. O'Rourke says it was two years ago when the financial institution cost the county more than $400,000 in unnecessary fees. He says, "Morgan Stanley did not comply with our county regulations on competitive bidding on bonds." So what does that mean? O'Rourke says Morgan Stanley sold the county bonds without using the competitive bidding process. In other words, officials are alleging the county paid more than it should have for the transactions which dates back two years ago. O'Rourke says the county has settled the same type of case with UBS and he's hoping there will be an out of court agreement with Stanley. However, if that doesn't happen the county attorney's office has been given the green light to file suit and not do business with the firm again!.
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