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Class Gripes Put $16M Morgan Stanley Deal On Ice

Law360 (July 8, 2008, 12:00 AM EDT) -- A California federal judge has refused final approval of a $16 million class action settlement that would have ended claims that Morgan Stanley & Co. Inc. steered accounts away from black and Hispanic financial advisers.

Judge Thelton E. Henderson of the U.S. District Court for the Northern District of California ruled Monday that the class may not have been adequately represented and referred the case to a magistrate judge.

“It would be naive to think that clients ordinarily drive the day-to-day conduct of class action litigation,...
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