Business Services Industry
Firefighters in Florida Accuse Morgan Stanley of 'Looting' Insurance Trust.
Knight Ridder/Tribune Business News, July, 2003
By Jay Weaver, The Miami Herald Knight Ridder/Tribune Business News
Jul. 8--Miami-Dade County firefighters are accusing a major Wall Street firm of having "systematically looted" more than $1 million from their insurance trust by charging excessive fees for mutual fund investments.
They also claim in a lawsuit that Morgan Stanley lost millions of dollars of the trust's assets by investing in high-technology funds and other volatile accounts during the stock market's rise and fall.
The trust's total loss: about $10 million, or half its assets, from 1995 to 2001.
Stan Hills, president of the county firefighters' union, said Monday the trust fund remains "solvent" despite its decline to $12 million. It continues to provide full...
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