Three former advisers of Morgan Stanley are suing the U.S. Department of Labor in concern of its recently issued opinion negatively affecting outcomes for advisors arbitrating deferred compensation claims against Morgan Stanley. An excerpt:
The ex-advisers say the Sept. 9 advisory opinion—which concluded Morgan Stanley’s deferred incentive compensation program isn’t an employee benefit pension plan under the Employee Retirement Income Security Act—contradicts the district court’s ruling where it held the opposite. The US Department of Labor didn’t immediately respond to a request for comment.Read the Full Article