Morgan Stanley Gets Advisers' Overtime MDL Cut Down

Law360, New York (December 4, 2013, 6:21 PM EST) -- The New Jersey federal judge overseeing multidistrict overtime litigation against Morgan Stanley Smith Barney LLC tossed all but one of the claims that the company took illegal deductions from financial advisers' wages, ruling Wednesday that the claims weren't adequately alleged.

Granting nearly all of Morgan Stanley's March 29 motion to throw out three of the seven causes of action listed in the plaintiffs' Jan. 28 complaint, U.S. District Judge William J. Martini dismissed with prejudice all direct deduction claims — money the company allegedly withheld from...
To view the full article, register now.