Morgan Stanley and adviser win lawsuit over annuity distribution
January 8, 2018 by Greg Iacurci
Morgan Stanley has prevailed in a lawsuit alleging the company and one of its advisers acted negligently when it told clients to take a particular type of annuity distribution, which cost the clients nearly $300,000 in tax liabilities.
While the judge in the case, Berkenfeld et al v. Lenet et al, said the Morgan Stanley investment adviser did indeed give advice that was “erroneous” and “negligent,” state law in Maryland barred the clients from recouping any damages because the clients’ own negligence contributed to their ultimate losses.
Click HERE to read the full story via InvestmentNews; registration required.