Morgan Stanley Settles Adviser Expense Suit For $10.2M

Law360 (April 29, 2019, 7:03 PM EDT) -- Morgan Stanley has agreed to pay over $10 million to settle a proposed class action alleging it routinely stiffed its financial advisers by refusing to pay for work-related expenses such as travel and client entertainment, according to a proposed settlement filed Monday in California federal court.

The deal would cover a class of California-based financial advisers and private wealth advisers who worked with Morgan Stanley from 2013 until the present, a group that includes roughly 2,800 professionals, according to Monday's motion.

Named plaintiff Brandon Harvey said the settlement represents an excellent result for the class, given the "extremely high" risk of...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!