Ex-Morgan Stanley Advisers Want Class in Suit Over ERISA Opinion

Former Morgan Stanley financial advisers suing the US Labor Department over an opinion concerning their deferred pay program asked a federal judge to certify the case as a 217-person class action.

The proposed class covers former financial advisers with pending arbitration or litigation claims under the Employee Retirement Income Security Act. Each of the potential class members has been prejudiced in the same way by a DOL advisory opinion concluding that Morgan Stanley’s deferred incentive compensation program isn’t governed by the federal statute, the advisers said in a motion for class certification filed April 3 in the US District Court ...