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)

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Ron Carson: If you aren't growing you're dying

There are two group of advisers, according to Ron Carson: Those that are expanding and those that are just "hanging on." So, which group do you belong to?

Latest news & opinion

LPL rolls back recruiting policy aimed at driving more assets to its corporate RIA

LPL erases $50 million hurdle for new advisers to join so-called hybrid firms.

Don't be fooled by the numbers — the industry is in a dangerously vulnerable state

Last year's stock market gains helped advisers turn in solid growth in assets and revenue, but that growth could disappear in the next market downturn.

Divided we stand: How financial advisers view President Trump

InvestmentNews poll finds 49.2% approve of his performance, while 46.7% disapprove. How has that changed over the course of his presidency?

10 states with the most college student debt

Residents of these states have the most student debt when you consider their job opportunities.

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

In a Finra arbitration complaint, two brokers allege that Wells Fargo's problems damaged their business.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print