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...
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!