Morgan Stanley - 'This is a big step backward'

Morgan Stanley is asking employees to give up their right to sue the firm in class actions for civil rights violations including discrimination based on race, gender or age, according to a former employee’s lawsuit.

Bloomberg News reports that the firm sent an e-mail to workers last month saying it’s expanding its employment dispute resolution program, according to the complaint by former Morgan Stanley financial adviser Kathy Frazier.

Employees who don’t respond to the message by Friday lose their right to sue or participate in class actions against the company, according to the lawsuit seeking class-action status.

'The sad thing is I don’t think that the majority of Morgan Stanley’s financial advisers understand that they may lose this right', said Suzanne Bish, a partner at Stowell & Friedman Ltd. in Chicago representing Frazier. 'This is a big step backward'.

To access the complete Bloomberg News article hit the link below:

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