Posted August 19th, 2016.
ALSO IN BUSINESS
● Morgan Stanley and its board were accused of mismanaging the firm’s 401(k) retirement plan and costing 60,000 employees hundreds of millions of dollars by picking inappropriate and high-priced investments, some of which were managed for the firm’s own profit. The lawsuit, filed Friday in Manhattan federal court, cited several Morgan Stanley mutual funds included in the 401(k) that fared worse than offerings from rivals. Morgan Stanley sought a financial benefit for itself while causing the plan’s participants “to suffer staggering losses of hundreds of millions of dollars,” lead plaintiff Robert Patterson alleged in the suit.