Shareholders Say Morgan Stanley Overpaid Employees

Law360, New York (February 11, 2010, 4:53 PM EST) -- Two pension funds filed a shareholder derivative suit Thursday against Morgan Stanley and more than a dozen of its officers and directors that demands the return of bonuses from 2006 and 2007, claiming that the financial services firm based its incentive payments on “worthless and illusory” financial results.

In the Supreme Court of the State of New York, County of New York, the Security Police and Fire Professionals of America Retirement Fund and the Central Laborers' Pension Fund accused Morgan Stanley of paying employees the lion's...
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