Morgan Stanley has agreed to pay $12.5m (€8.8m) to settle charges that the bank used the September 11 terrorist attacks as an excuse to avoid providing information to arbitration claimants.

The US Financial Industry Regulatory Authority found that Morgan Stanley DW, a former affiliate, failed to provide pre-9/11 emails in numerous arbitration proceedings and in response to three regulatory inquiries between October 2001 and March 2005.