The Second Circuit today upheld dismissal of securities law complaints against Morgan Stanley for misleading disclosures about a couple of mutual funds. In the course of saying why, the court noted:
Although plaintiffs use the term "Chinese Wall," we use the term "Information Barrier" and intend it to have the same meaning.
Lindsay v. Morgan Stanley (In re Morgan Stanley Info. Fund Securities Litig.), No. 09-0837-cv, slip op. at 10 n.4 (2d Cir. Jan. 25, 2010).
The panel didn't explain its preference. Likely because it didn't need to?