Financial Accounting Blog

Wednesday, November 19, 2003

Morgan Stanley Pays $50 Million To Settle SEC Action
The Securities and Exchange Commission this week announced the institution and simultaneous settlement of an enforcement action against Morgan Stanley DW Inc. for failing to provide customers important information relating to their purchases of mutual fund shares.

Stemming from the SEC's ongoing industry-wide investigation of mutual fund sales practices, this inquiry uncovered two distinct, firm-wide disclosure failures by Morgan Stanley.