Morgan Stanley Settles Adviser Expense Suit For $10.2M
Law360 (April 29, 2019, 7:03 PM EDT) -- Morgan Stanley has agreed to pay over $10 million to settle a proposed class action alleging it routinely stiffed its financial advisers by refusing to pay for work-related expenses such as travel and client entertainment, according to a proposed settlement filed Monday in California federal court.
The deal would cover a class of California-based financial advisers and private wealth advisers who worked with Morgan Stanley from 2013 until the present, a group that includes roughly 2,800 professionals, according to Monday’s motion.
Named plaintiff Brandon Harvey said the settlement represents an excellent result for the class, given the “extremely high” risk of...
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