Morgan Stanley Pays $6M To End Financial Adviser OT Action

Law360, Los Angeles (June 30, 2016, 9:29 PM EDT) -- Morgan Stanley said it will pay $6 million to resolve four collective actions accusing the financial services company of stiffing financial adviser trainees on overtime pay, according to documents filed Wednesday in Florida federal court.

The parties asked U.S. District Judge Kenneth A. Marra to grant preliminary approval of the settlement, as well as attorneys’ fees of about $3.7 million and costs of about $460,000, saying the terms of the deal were fair and reasonable.

“The proposed settlement satisfies the criteria for approval of a Fair...
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