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Investment bank, Morgan Stanley has appointed Gary G. Lynch as chief legal officer.

The regulatory fallout from the dotcom boom, WorldCom and Enron et al, has not been kind to investment banks.

Fortuitously Mr Lynch was previously director of the enforcement division at the Securities and Exchange Commission.

He is also a former colleague of new Morgan Stanley head, John Mack.

Top of Mr Lynch's to do list is the $1.4bn, Morgan Stanley has been ordered to pay in damages to Ronald O. Perelman, regarding fraudulent investment advice about the Sunbeam acquisition.

Mr Lynch will join the bank in October, from Credit Suisse First Boston.

The current legal head, Mr. David Heleniak will then move to advising on strategy and investment banking.

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