Advisers' Pay Suit Against Morgan Stanley, Citi Nixed

Law360, New York (February 23, 2012, 12:25 PM EST) -- A California federal judge on Wednesday dismissed a breach of contract suit brought by a proposed class of former financial advisers accusing Morgan Stanley & Co. Inc. and others of underpaying commission fees, saying the claims were too vague.

U.S. District Judge Otis D Wright II granted a motion to dismiss the suit brought against Morgan Stanley — alongside co-defendants Morgan Stanley Smith Barney LLC and Citigroup Global Markets Inc. — but allowed lead plaintiff Austin Park to amend the complaint within 21 days to fix...
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