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Morgan Stanley, Advisers’ $10.2 Million Wage Deal Gets Early Nod

Sept. 6, 2019, 2:30 PM

Morgan Stanley and a some 2,800 California financial advisers won early court approval of a $10.2 million settlement in a dispute over compensation.

Brandon Harvey and others alleged they participated in a Morgan Stanley program that provided reimbursement for certain business costs, but their commissions were then subjected to a dollar-for-dollar reduction to pay for staff compensation and other expenses.

The settlement is reasonable and resulted from good faith and arm’s length negotiations, the U.S. District Court for the Northern District of California said Sept. 5.

The settlement provides $8.5 million in cash, as well as $1.735 million for immediate ...