Morgan Stanley Seeks $50M Deal With Advisers

Law360 (October 17, 2008, 12:00 AM EDT) -- Morgan Stanley & Co. Inc. and thousands of current and former employees are looking to put to rest a consolidated action and 10 purported class actions alleging the financial services firm misclassified employees and improperly reduced their commissions.

The parties asked the U.S. District Court for the Southern District of California on Friday for final approval of the settlement, in which Morgan Stanley has agreed to pay $50 million to resolve the litigation. In a separate motion on Friday, plaintiffs' counsel requested $12.5 million in attorneys’ fees.

Earlier this year, the court granted preliminary approval of the settlement of the wide-scale...

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