Morgan Stanley Says Ex-Brokers Stole Customers

Law360, New York (June 27, 2011, 10:19 PM EDT) -- Morgan Stanley filed a petition in New York state court Friday to keep four former brokers from attempting to steal customers and transfer their accounts to Merrill Lynch & Co. Inc. while the parties arbitrate the matter before the Financial Industry Regulatory Authority.

The securities brokerage giant accused David J. Ayres, Michael Dickstein, Gary Van Nostrand and Patricia Pappas of breaching their employment contracts by using confidential contact information for Morgan Stanley clients to solicit them to transfer their accounts to Merrill Lynch. The defendants have...
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