In its latest effort to emerge from bankruptcy protection, Criimi Mae Inc. has settled a lawsuit filed by Morgan Stanley & Co. International Limited.

The Rockville, Md.-based commercial mortgage real estate investment trust has filed a motion with the U.S. Bankruptcy Court to approve the agreement, which calls for the sale of seven classes of subordinated commercial mortgage-backed securities that were part of the financing of CMBS by Morgan Stanley. The agreement also calls for a final settlement of all adversary proceedings between Criimi Mae and Morgan Stanley. That hearing is scheduled to take place Feb. 28.

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