{"id":6018,"date":"2016-08-22T00:00:00","date_gmt":"2016-08-22T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/08\/morgan_stanley_and_edward_jone"},"modified":"2022-05-17T14:20:58","modified_gmt":"2022-05-17T19:20:58","slug":"morgan-stanley-and-edward-jone","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-and-edward-jone\/","title":{"rendered":"Morgan Stanley and Edward Jones Are Sued in Separate 401(K) Lawsuits"},"content":{"rendered":"

An ex-participant in Morgan Stanley\u2019s (MS) 401(k) plan is suing the financial firm. The plaintiff is alleging self-dealing and excessive retirement plan fees. Robert Patterson contends that the firm enriched itself at cost to employees. The case is Patterson v. Morgan Stanley et al. <\/em>He is alleging breaching of fiduciary duty under ERISA. Patterson believes that plan participants sustained millions of dollars in losses in retirement funds from 1\/11 through 4\/14 because of the alleged breaches.<\/p>\n

He is seeking class action status for case over the losses sustained and he wants the firm to pay $150M. The Morgan Stanley 401(k) Plan includes several Morgan Stanley mutual funds. According to the complaint these funds suffered \u201chigh relative fees\u201d and\/or \u201cpoor relative performance.\u201d Although there were a number of non-proprietary investments included in the retirement plan, Patterson claims that they also performed poorly. <\/p>\n

Meantime, Edwards Jones is also now a defendant in a 401(k) lawsuit. The plaintiff is a plan participant who claims that the firm caused employees to pay excessively high fees for record keeping and investment management services that purportedly resulted in the loss of millions of dollars in retirement savings. The proposed class-action lawsuit is McDonald v. Edward D. Jones & Co. L.P. et al. <\/em><\/p>\n

\n<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An ex-participant in Morgan Stanley\u2019s (MS) 401(k) plan is suing the financial firm. The plaintiff is alleging self-dealing and excessive retirement plan fees. Robert Patterson contends that the firm enriched itself at cost to employees. The case is Patterson v. Morgan Stanley et al. He is alleging breaching of fiduciary duty under ERISA. Patterson believes […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3787],"tags":[3581,3481],"class_list":["post-6018","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-morgan-stanley","tag-401k-lawsuit","tag-edward-jones"],"yoast_head":"\nMorgan Stanley and Edward Jones Are Sued in Separate 401(K) Lawsuits — Investor Lawyers Blog — August 22, 2016<\/title>\n<meta name=\"description\" content=\"An ex-participant in Morgan Stanley\u2019s (MS) 401(k) plan is suing the financial firm. The plaintiff is alleging self-dealing and excessive retirement plan — August 22, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-and-edward-jone\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Morgan Stanley and Edward Jones Are Sued in Separate 401(K) Lawsuits — Investor Lawyers Blog — August 22, 2016\" \/>\n<meta name=\"twitter:description\" content=\"An ex-participant in Morgan Stanley\u2019s (MS) 401(k) plan is suing the financial firm. The plaintiff is alleging self-dealing and excessive retirement plan — August 22, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Morgan Stanley and Edward Jones Are Sued in Separate 401(K) Lawsuits — Investor Lawyers Blog — August 22, 2016","description":"An ex-participant in Morgan Stanley\u2019s (MS) 401(k) plan is suing the financial firm. 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