Mor­gan Stan­ley’s 401(k) plan un­der fire

Honolulu Star-Advertiser - - MONEY -

NEW YORK >> A par­tic­i­pant in Mor­gan Stan­ley’s 401(k) plan filed a law­suit Fri­day in U.S. District Court in New York al­leg­ing that it of­fers in­vest­ment op­tions that have ex­ces­sive fees and poor track records, in­clud­ing some mu­tual funds run by Mor­gan Stan­ley it­self. The suit ac­cuses the $8 bil­lion plan of caus­ing “hun­dreds of mil­lions of dol­lars” in losses for its roughly 60,000 par­tic­i­pants. Mor­gan Stan­ley de­clined to com­ment on the law­suit. Fri­day’s suit is the lat­est in a length­en­ing string of com­plaints about high fees and poor in­vest­ment choices at 401(k) and 403(b) re­tire­ment plans around the coun­try. Franklin Tem­ple­ton’s 401(k) plan was hit with a sim­i­lar suit last month, for ex­am­ple.

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