Mike Ashley and Morgan Stanley settle $1bn 'cash call' case

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Mike Ashley's Frasers Group has dropped a court claim against one of America's largest investment banks over a $1 billion cash-call on his retail empire.

The tycoon and his business were suing Morgan Stanley, the Wall Street bank, and Saxo Bank, of Denmark, over a margin call made in 2021 that was linked to options over shares in Hugo Boss, the German retailer.

At a hearing in the High Court in London in February, lawyers for Ashley and the group argued that the American bank had made the cash demand allegedly to produce "the forced eviction or close-out of Frasers' open positions in Hugo Boss shares".

Morgan Stanley and Saxo denied the claims. Barristers for the American bank told the judge that the allegations were