On March 15, 2013, a New Jersey state court allowed life insurer Prudential Insurance Company of America (Prudential) to proceed with its lawsuit against Morgan Stanley in connection with Prudential’s purchase of more than $1 billion in residential mortgage-backed securities (RMBS) between 2004 and 2007. Prudential filed its lawsuit in April 2012, alleging that Morgan Stanley made material misrepresentations in the offering materials regarding underwriting standards and practices, due diligence, owner-occupancy, appraisal processes, loan-to-value ratios, credit ratings, underwriting exceptions, transfer of title, and degree of risk. The court has not issued a written decision yet. The case is captioned Prudential Ins. Co. of America, et al. v. Morgan Stanley, et al., case number L-3080-12, in the Superior Court of New Jersey, Essex County. Lowenstein Sandler represents Prudential in this lawsuit.