The widow of the Home Shopping Network's co-founder is seeking more than $170m from Morgan Stanley in a case alleging, among other things, that the firm made excessive securities trades to boost commissions, according to a disclosure.
Reuters reports that an arbitration hearing in the case between Morgan Stanley and Lynnda Speer, personal representative for the estate of her late husband, Roy Speer, began in January, according to the firm's annual report, filed with the U.S. Securities and Exchange Commission in March.
'We believe the claims are without merit and we are contesting them vigorously through the legal process', a Morgan Stanley spokeswoman said in a statement on Monday. The hearing is set to wrap up in July, the firm said in its filing.
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