Morgan Stanley Hit With ERISA Class Action

Law360, New York (March 18, 2011, 4:11 PM EDT) -- Five Morgan Stanley employees hit the financial giant with a class action in New York on Wednesday, alleging they suffered steep losses in their retirement plans because it was too heavily invested in its own stock during the financial crisis.

According to the complaint, filed in the U.S. District Court for the Southern District of New York, Morgan Stanley should have begun to divest its employee stock option and retirement plans of company stock when the extent of the company's losses in the financial crisis began...
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