Morgan Stanley Faces Class Action Suit Over FA Expense Reimbursements
Morgan Stanley is facing a class action lawsuit from one of its former advisors who accuses the firm of systematically failing to reimburse its California representatives, InvestmentNews writes.
Brandon Harvey, who was with the wirehouse from 2013 until this year, says in his suit that Morgan Stanley "unlawfully undercompensated" advisors in California and broke the state’s labor laws, according to the publication. More specifically, the suit alleges the company "had a policy and practice of not reimbursing class members” for business expenses, InvestmentNews writes.
In addition, the suit questions whether Morgan Stanley’s methods for making deductions from wages are legal, according to the publication.
The suit seeks unspecified damages and restitution, InvestmentNews writes.
Harvey, who’s currently registered with LPL Financial, according to BrokerCheck, is seeking certification of a class action that would cover all advisors who worked for Morgan Stanley in California in the past four years, according to the publication.