Morgan Stanley’s $10M Deal Is Too Low, Advisers Say
Law360 (May 17, 2019, 6:17 PM EDT) -- A group of former Morgan Stanley financial advisers urged a California federal judge Thursday to reject a $10 million deal proposed last month to settle allegations that the investment bank routinely refused to reimburse them for work-related expenses, arguing the amount is too low and the release of claims is too broad.
The proposed agreement was struck by named plaintiff Brandon Harvey and 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.
The dissenting advisers called Harvey’s deal a “reverse auction...
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