Wolf Haldenstein Adler Freeman & Herz LLP has been appointed co-lead counsel for the Class in the consolidated In re Morgan Stanley ERISA Litigation, Master File No. 07 Civ. 11285, pending before the Hon. Robert Sweet in the United States District Court for the Southern District of New York. In brief, the consolidated action asserts claims under the Employee Retirement Income Security Act of 1974 (?ERISA?) against Morgan Stanley and the fiduciaries of the Morgan Stanley retirement plans on behalf of the plans and a Class of participants and/or beneficiaries in the Plans during the period from December 1, 2005 to present (the ?Class Period?), for relief pursuant to Section 502(a) of ERISA, 29 U.S.C. 1132(a). The plaintiffs allege that during the Class Period, the defendants breached their fiduciary duties under ERISA by: (1) investing and permitting the investment of Morgan Stanley stock in the Plans when it was no longer prudent to do sobecause, inter alia, Morgan Stanley had become heavily exposed to extraordinary risks relating to its sub-prime mortgage securitizations business; and (2) by failing to disclose negative material information concerning investment in Morgan Stanley stock.
A copy of the first complaint in this case can be obtained here.
A copy of the Court?s Order consolidating the cases and appointing Co-Lead Counsel can be obtained here.