The dispute relates to bets on Hugo Boss stock made by Frasers. The retail group is seeking €50m in damages after Morgan Stanley closed out its share positions in May 2021, forcing a costly trade transfer to rival bank HSBC. The coming climax of the legal battle sheds what threatens to be an uncomfortable light on the risk processes at one of the largest investment banks in the world. At issue is a margin call of $1bn that Morgan Stanley made against Frasers trades. Mr Ashley's business was asked to put up the extra funds to backstop its bet on the stock and guard against a potential 400pc move in Hugo Boss's share price. The margin call was calculated and imposed on Denmark's Saxo Bank, which dealt with Frasers, in late May 2021 before being passed onto Mr Ashley's company.