Morgan Stanley Advisers’ Wage Deal Tossed After Worker Appeal

A $10.2 million settlement between Morgan Stanley and financial advisers who say the company violated California labor laws must be reassessed after the Ninth Circuit on Monday said it’s unclear if all class members suffered an actual injury.

Class member Mathew Lucadano intervened and appealed after a federal judge in California in 2020 signed off on the deal, which would cover nearly 3,300 workers in the state. Lucadano is correct that the district judge “may have certified a class in which not all class members suffered an injury sufficient to confer” standing, the US Court of Appeals for the Ninth ...