August 16, 2022
The $10 million deal between Morgan Stanley and thousands of employees claiming that the bank didn't reimburse business expenses might be too broad, the Ninth Circuit said, sending the deal back to the lower court and keeping two objectors out of the suit.
May 31, 2022
Objectors urged the Ninth Circuit on Tuesday to scrap Morgan Stanley's $10 million deal to resolve class and Private Attorneys General Act claims the bank incorrectly refused to reimburse its financial advisers' business expenses, arguing the settlement undermined state court litigation and that Morgan Stanley had gone "plaintiff-shopping" to cut a deal with a "weaker plaintiff."