2nd Circ. Kills Retirees' Morgan Stanley Class Action

Law360, New York (June 29, 2010, 5:15 PM EDT) -- Morgan Stanley has prevailed in ridding itself of a consolidated class action brought by Xerox Corp. and Eastman Kodak Co. retirees accusing the broker-dealer of dispensing faulty advice that led them to retire early and invest their benefits in portfolios that eventually tanked in value.

A three-judge panel for the U.S. Court of Appeals for the Second Circuit on Tuesday affirmed a lower court's decision to dismiss the suit, which also named as defendants two former Morgan Stanley employees who were barred from securities trading last...
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