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A group of former Morgan Stanley financial advisers filed a lawsuit against the U.S. Department of Labor, challenging an advisory opinion issued by the agency. The advisory opinion declares that Morgan Stanley’s deferred compensation plans do not qualify as employee benefit pension plans under the Employee Retirement Income Security Act (ERISA).
In a complaint filed on Tuesday in Manhattan federal court, the plaintiffs said the Labor Department's finding that Morgan Stanley's deferred incentive compensation plan wasn't an employee benefit pension plan under the federal law known as ERISA, contradicted two court decisions that said the opposite.Read the Full Article on Reuters
AdvisorHub – Three former Morgan Stanley brokers on Tuesday sued the federal government and Department of Labor officials alleging that the agency erred and exceeded its regulatory authority...
Three former Morgan Stanley financial advisers have filed a lawsuit against the U.S. Department of Labor, challenging a recently issued advisory opinion on the classification of Morgan Stanley's deferred...
Morgan Stanley suffered rebuke in its attempt to have a court of appeals overturn a lower judge’s ruling that the deferred compensation it pays advisors is protected by federal law....