PHILADELPHIA, Jan. 25, 2008 (PRIME NEWSWIRE) -- The law firm of Spector Roseman & Kodroff, P.C. ("SRK") announces that it has begun an investigation into possible illegal conduct by Morgan Stanley & Co., Inc. (NYSE:MS) relating to the Morgan Stanley 401(k) Plan and the Morgan Stanley Employee Stock Ownership Plan.
SRK's investigation involves whether certain fiduciaries of the plans may have violated the Employee Retirement Income Security Act of 1974 ("ERISA") by making imprudent investments of employee retirement benefits in company stock, knowing that Morgan Stanley had made highly risky investments in the subprime mortgage market. SRK is examining whether the plan fiduciaries breached their duty of loyalty to plan participants by, among other things:
1) continuing to offer Morgan Stanley common stock as a 401(k)
Plan investment option for participant contributions when it
was imprudent to do so; and
2) maintaining the ESOP'S pre-existing heavy investment in Morgan
Stanley equity when company stock was no longer a prudent
investment for the 401(k) Plan and the ESOP.
If you are a participant in the Morgan Stanley 401(k) Plan or the Morgan Stanley Employee Stock Ownership Plan and had any part of your plan assets invested in the Morgan Stanley Stock Fund, you can contact SRK at classaction@srk-law.com for a more thorough explanation of the investigation and how you may have been harmed. Even if you have relatively small losses, a class action lawsuit can protect your rights at no cost to you.
If you wish to join this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman or Theodore M. Lieverman at the firm's toll-free number, 888-844-5862, or e-mail at classaction@srk-law.com. For more detailed information about the firm, you may visit its website at http://www.srk-law.com.
Spector Roseman & Kodroff, P.C., a Philadelphia, Pennsylvania law firm, concentrates its practice in class action and complex litigation, including actions dealing with securities laws, antitrust, contract and commercial claims, and labor and employment. The firm is active in major litigation pending in federal and state courts throughout the United States, including claims for participants of employee benefit funds under ERISA and other laws. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions. As a result of the efforts of the firm, billions of dollars have been recovered through judgments and settlements on behalf of injured class members.
The Spector, Roseman & Kodroff P.C. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2010