Friday, May 6, 2005

Morgan Stanley Hit With Class Action Alleging Discovery Improprieties

Now the gloves are off. A claimant's securities law firm has filed a class action suit against Morgan Stanley. According to this article in law.com, Morgan Stanley has committed violations of discovery rules in as many as 1,000 securities arbitrations. According to the article, the plaintiffs are seeking a new hearing, and a refund of their filing fees.

I haven't seen the complaint, but this should be interesting. Morgan Stanley has been the subject of sanctions in arbitration proceedings, and has been sanctioned by the NASD for discovery abuses.
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