Two congregations of Irish nuns are among the group of 88 Irish residents who prayed not only to God, but also to the courts to rule in their favor.They filed a $5 million (2.3 million pounds) lawsuit against the Deutsche Bank of Germany and Morgan Stanley of the U.S.
The nuns come from the Sisters of Charity of Jesus and Mary, and the Holy Faith Sisters.
In 2005, the nuns and other investors purchased a total of $7.5 million (4.8 million pounds) euro-denominated notes linked to Dresdner Bank bonds.
The purchase included an agreement that Morgan Stanley will redeem the debt when Dresdner’s credit rating went down below a specific point.
The nuns and other investors claim Morgan Stanley did not redeem the notes until the German bank’s debt value increased at a level in which Morgan Stanley would not lose money.
The American bank’s decision cost the Irish investors $4.7 million, and another $18,735 in lost interest payments.
Morgan Stanley reportedly made $11.2 million from the delay of the redemption of the Irish investors’ notes.
Both Morgan Stanley and Deutsche Bank declined to comment on the lawsuit.
The Sisters of Charity of Jesus and Mary are missionaries in other countries aside from Ireland.
The nuns are also in 15 nations in Europe, Africa, South America and Asia.
The Holy Faith Sisters initial ministry was with Catholic orphans and poor children when the congregation started in the 1850.
Since then had expanded their reach to parishes, prisons and hospitals in several countries in North and South America and Oceania.
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