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Securities Firm Hit With $25 Million Lawsuit

Law360 (April 28, 2006, 12:00 AM EDT) -- A former Microsoft employee has sued Los Angeles-based Wedbush Morgan Securities for a $25 million arbitration award, claiming that Wedbush mismanaged the unnamed plaintiff’s investments by concentrating them in 350,000 shares of Microsoft stock.

The thrust of the suit, which will go into arbitration at the New York Stock Exchange, is that Wedbush advisors failed to properly safeguard their client’s investments when that client was a participant in a Microsoft Employee Stock Option Plan.

“When you have unskilled people giving advice on these positions, that’s when...
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