California rep files class action suit against Morgan Stanley

Former broker in San Francisco claims firm did not reimburse reps for expenses

May 15, 2018 @ 2:26 pm

By InvestmentNews

A former Morgan Stanley broker in San Francisco has filed a class action suit against the firm, saying that it violated California labor law and "unlawfully undercompensated" its reps in California for their work.

The suit filed by Brandon Harvey, who worked for Morgan Stanley from 2013 until this year, when he affiliated with LPL Financial in Sacramento, charges that the firm "had a policy and practice of not reimbursing class members" for business expenses.

The suit also questions whether the firm's policies and procedures for its deductions from commissions or other wages are legal and whether its wage statements complied with California law.

For the suit, Mr. Harvey seeks certification of a class that consists of all financial advisers employed by the firm in California in the past four years.

The suit is seeking unspecified compensatory damages and restitution.

(More: Morgan Stanley's success looks long in the tooth to analyst)

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