Morgan Stanley Must Face Trial Over Annuity Advice
April 8, 2019 by Jacklyn Wille
Morgan Stanley & Co. and one of its senior vice presidents must defend a lawsuit by three clients who said they got a $300,000 tax bill after taking their advice to cash out their inherited annuities.
The U.S. Court of Appeals for the Fourth Circuit revived the lawsuit against Morgan Stanley adviser Gary Lenet after determining the clients may have reasonably relied on Lenet’s financial advice without seeking a second opinion from a tax professional or fully reading paperwork governing…
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Originally Posted at Bloomberg Law on April 8, 2019 by Jacklyn Wille.
Categories: Industry Articles