$16M Morgan Stanley Race Bias Deal Hits Snag

Law360, New York (June 16, 2008, 12:00 AM EDT) -- A group of class members in a race discrimination lawsuit alleging that Morgan Stanley & Co. Inc. siphoned client accounts away from black and Hispanic financial advisers is fighting a proposed $16 million settlement in the case. Some class members claim they were excluded from the negotiations.

At a fairness hearing on Monday in San Francisco, counsel for the objectors called the proposed settlement “lawyer-driven,” saying that if the objecting class members had been involved in the talks, they never would have agreed to the terms...
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