Advisers To Drop Most Claims Against Morgan Stanley

Law360, New York (January 25, 2011, 3:42 PM EST) -- Morgan Stanley Smith Barney LLC and two former California financial advisers have agreed to toss most claims in a proposed class action alleging the company owes its advisers millions of dollars in unpaid commissions.

The parties filed a joint stipulation of dismissal on Friday, asking the U.S. District Court for the Central District of California to nix the first five claims in the plaintiffs' second amended complaint, including allegations of unlawful wage assignment, unlawful wage deductions and secret payment of lower wages.

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