Morgan Stanley

NASD brokerage regulators fined the Wall Street investment bank $1.5 million for failing to adequately supervise its fee based brokerage business. The lawsuit claimed that from January 2001 to December 2003, Morgan Stanley failed to monitor what sorts of customers were being guided into its "Morgan Stanley Choice" accounts which charged a $1000 annual fee. Morgan Stanley has been ordered to pay a $4.6 million settlement in restitution to these 3,500 customers. (Aug-02-05) [CNN MONEY]

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no obligation, please click the link below to submit your complaint.