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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
IPO Suit Against Morgan Stanley Dismissed
By: Heidi Moore
The Daily Deal. Monday, October 15, 2001
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Excerpt: A federal judge in New York threw out the lawsuit that charged the bank and its directors with failing to oversee share allocation in hot initial public offerings during 1999 and 2000. U.S. District Judge Laura Taylor Swain Oct. 12 dismissed the suit filed in the Southern District of New York by A. Richard Albrecht, a Morgan Stanley shareholder who lives in Michigan. Albrecht alleged that officers of Morgan Stanley, including chief executive officer Phil Purcell, failed to block certain employees from taking part in tie-in schemes, excessive commissions, and other illegal methods of allocating shares in the IPOs.
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