NY Court Rejects Shareholder Suit Over Morgan Stanley Payroll

Law360, New York (March 22, 2012, 6:00 PM EDT) -- A New York appeals court on Thursday declined to give another chance to a suit by Morgan Stanley shareholders alleging that the $45 billion the company paid its employees over three years was excessive, on the grounds that the shareholders could have tried going to the board first. 

A five-judge panel for the Appellate Division of the New York Supreme Court, First Judicial Department, affirmed the New York Supreme Court's decision that the complaint had not shown that the shareholders couldn't have made a demand on...
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