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Feb 11 2010  

Pension Funds Sue Morgan Stanley

By FINSwire Team

Morgan Stanley was sued today by two U.S. pension funds that allege "breaches of fiduciary duty and unjust enrichment for pay awarded to employees in 2006, 2007 and 2009." The two funds, the Security Police and Fire Professionals of America Retirement Fund and Central Laborers' Pension Fund, filed their suit in New York State Supreme Court in Manhattan.

The complaint names John Mack and James Gorman as defendants and wants to reclaim "billions in compensation" that Morgan Stanley has paid and will pay its employees. That last bit seems a bit vague to us, but when in doubt in the U.S., sue.

The suit is one of several filed against Wall Street firms, including Goldman Sachs, over their pay.


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