Morgan Stanley Urges 2nd Circ. To Ax Pair Of ERISA Suits

Law360, New York (November 25, 2013, 6:15 PM EST) -- Morgan Stanley & Co. Inc. told the Second Circuit on Friday to dismiss an appeal in two class actions accusing the firm of violating its fiduciary duty to employees by investing retirement funds in risky company stock, saying the class members had failed to adequately allege their claims.

The complaints allege that Morgan Stanley violated its duty of prudence under the Employee Retirement Income Security Act by funding contributions to its employee retirement plans solely with company stock at a time when the stock was “unduly...
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