( September 24, 2025, 7:51 AM EDT) -- NEW YORK — A Second Circuit U.S. Court of Appeals panel affirmed a lower court’s dismissal of investors’ allegations that Morgan Stanley & Co. LLC and Goldman Sachs Group Inc. engaged in insider trading by selling stocks before news of a total return swaps client collapse became public, finding that Morgan Stanley and Goldman Sachs owed no fiduciary duty to the client....