Morgan Stanley Sues Advisers Who Jumped Ship

Law360, New York (February 23, 2010, 6:22 PM EST) -- Morgan Stanley Smith Barney LLC is suing five of its former financial advisers who jumped ship to rival HighTower Advisors LLC, but the brokerage firm has already lost its initial request to stop the employees from soliciting customers.

MSSB, a joint venture of Morgan Stanley and Citigroup Inc., lodged its suit on Feb. 16 in the New York State Supreme Court, County of New York, accusing Steven Ayer, Roman Ciosek, John Lang, Peter Lang and Jeffrey Sullivan of violating their contractual commitments and fiduciary duties to...
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