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NASD Panel Issues $5M Ruling Against Morgan Stanley

Law360 (May 10, 2006, 12:00 AM EDT) -- Facing yet another blow to its already unpleasant record with investors, Morgan Stanley was forced to hand over $5 million to a client after an arbitration panel ruled that it had changed the client’s stated investment objectives.

The panel, organized by the National Association of Securities Dealers, ruled in favor of the estate of F. Michael Warren, a client of Morgan Stanley, who alleged that the firm engaged in “fraudulent alteration of investment objectives” by changing a form that had been filled out by Warren, according...
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