Schwab Wins $7 Million From Morgan Stanley and Former Advisers [BNN Bloomberg (Canada)]
Morgan Stanley (MS)
Last morgan stanley earnings: 4/16 07:15 am
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Source: BNN Bloomberg
The arbitration award in favor of Schwab was disclosed Friday in a New Jersey federal court filing by Morgan Stanley, which is seeking to confirm the amount and move on from the dispute. But the bank said the two advisers, Christopher Armstrong and Randall Kiefner, who it fired for violating its transition policy, are still refusing to pay their share. “Morgan Stanley may not agree with the arbitration panel's award but, unlike Armstrong and Kiefner, will fully honor all of its obligations under the award,” the bank said Friday. Morgan Stanley and Schwab didn't immediately respond to emailed requests for comment. A lawyer who represented Armstrong and Kiefner in the arbitration wasn't immediately available for comment. Schwab sued Armstrong, Kiefner and Morgan Stanley over the advisers' March 2019 departures, claiming they stole trade secrets and breached their contracts. After they were fired by Morgan Stanley, the two men turned around and sued the bank for breach of contract
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