Former Morgan Stanley Atty Can Switch Sides: Judge

Former Morgan Stanley Atty Can Switch Sides: Judge - 2/23/2009

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

DISMISSAL NEWS:

Former Morgan Stanley Atty Can Switch Sides: Judge
Erin Fuchs

Securities Law 360. February 23, 2009
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EXCERPT: In a blow to Morgan Stanley & Co. Inc., a judge has refused to grant a preliminary injunction against a former associate at Greenberg Traurig LLP who once represented the company but now works for clients on securities arbitrations against the financial adviser. U.S. Judge Kenneth Marra on Thursday refused Morgan Stanley's request for a preliminary injunction in the U.S. District Court for the Southern District of Florida, finding that the lawyer hadn't run afoul of the state of Florida's rules of professional conduct. The statute in question is Rule 4.1-9 of the Florida Rules of Professional Conduct.That law prohibits attorneys who represent clients in one matter from moving on to a case that is “the same” or “substantially related” and representing clients whose interests are “materially adverse” to former clients' interests.It also prohibits lawyers from using information attained while representing clients to the detriment of those clients in later cases. The judge ruled that the attorney hadn't violated conduct rules because he represents Morgan Stanley's adversaries in “wholly distinct” matters from the ones in which he had represented Morgan Stanley in the past. Furthermore, Judge Marra found no evidence that the attorney possesses information about Morgan Stanley that could be used against it in the current arbitrations he's prosecuting…. The case is Morgan Stanley & Co. Inc. v. Neil B. Solomon, case number 9:08-cv-81330, in the U.S. District Court for the Southern District of Florida.

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