Morgan Stanley shareholders should vote against the bank’s executive pay plan in an advisory ballot this month, shareholder-advisory firm Glass Lewis & Co. said.
Bloomberg reports that Morgan Stanley gets an ‘F’ grade in tying executive compensation to performance, as the New York-based firm paid better than peers while performing worse, Glass Lewis said Wednesday in a report.
That compared with a ‘D’ for 2011.
In the meantime, Bloomberg also reports that Morgan Stanley and WMC Mortgage Corp. were sued by Seagull Point LLC over $476m in losses from securitized mortgage loans.
Seagull claimed that the banks breached agreements on residential mortgage loans in 2006 and 2007, according to a filing dated April 26 in New York State Supreme Court in Manhattan.
Under a 2008 accord, Intel gave $1bn to Lehman’s over-the-counter derivatives unit in August of that year in exchange for 50 million shares of its stock, to be delivered on September 29, 2008, according to a complaint filed in U.S. Bankruptcy Court in Manhattan.