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ERISA Lawsuit Against Morgan Stanley Dismissed by Federal District Court
FRA PlanTools Link to more items from this source
Feb. 25, 2014
"[This] 502(a)(3) claim filed against a service provider by the plan sponsor fiduciary itself was a first of its kind case under the umbrella of excessive fee cases.... [T]he court found that a claim against the service provider/party in interest itself would require a claim that the kickbacks were undisclosed. Here, the plaintiffs made no such claim, and the court held that even if they had, the evidence suggested that the Additional Compensation was disclosed.... [T]he court made clear that avoiding harmful scenarios as alleged by the plaintiffs, is in fact, the fiduciary's responsibility as long as it is disclosed." [Skin Pathology Associates, Inc. v. Morgan Stanley & Co., Inc., No. 13 Civ. 3299 (AT) (S.D.N.Y. Feb. 24, 2014)]

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