Fla. Law Firm Seeks $100M in Damages From Morgan Stanley

The Associated Press

NEW YORK — A Florida law firm has sued Morgan Stanley, seeking $100 million in damages from the Wall Street firm for failing to provide disgruntled clients with evidence that may have been relevant in hundreds of past arbitration cases.

The purported class-action suit comes in the wake of Morgan Stanley’s acknowledgment last month that it has found electronic tapes that potentially could contain documents of interest to plaintiffs who claim they received faulty stock-research and investment advice from Morgan Stanley.

The lawsuit, filed last week in a Florida court and served to Morgan Stanley on Thursday, alleges that the Wall Street firm violated contracts with clients by not giving them access to the recently discovered documents.