Sorry, Morgan Stanley. But Chip Skowron Doesn't Think You're Really A Victim

Chip Skowron

Morgan Stanley wants its “classic faithless servant” Joseph “Chip” Skowron to fork over $37.4 million.That’s because the bank claims it suffered damages as a result of an insider trading scandal at Front Point Parnters, a hedge fund the bank acquired in 2006 and later spun off, Bloomberg BusinessWeek reported.

But Skowron, who is currently serving time for insider trading, doesn’t think the Morgan Stanley is a victim, the report said.

The former FrontPoint hedge fund manager pleaded guilty in late 2011 to using confidential information from a French doctor working on a clinical drug so he could avoid $30 million in losses, the report said.  He was sentenced to five years in prison.

Read the full Bloomberg BusinessWeek report here >>

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.