It comes after the bank misled retail investing clients about the costs of a ‘wrap fee’ program, according to Fox Business.
Wrap fee programs offer accounts in which clients pay asset-based fees meant to cover investment advice and brokerage services, including the execution of trades. Morgan Stanley oversaw USD 2.4 trillion of client assets, including USD 1.13 trillion from fee-based clients, as of March 31.
The alleged wrongdoing occurred from October 2012 to June 2017, and the USD 5 million will be distributed to harmed investors.
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