Complinet logo
Search
Contact us

Morgan Stanley must pay manager $1 million in employment flap

Jan 08 2013 Suzanne Barlyn, Reuters

Morgan Stanley must pay $1 million to a former manager who alleged he was wrongfully terminated by the firm, according to a securities arbitration ruling. Gregory Torretta, a 29-year industry veteran, filed the claim in 2011, initially seeking $4.5 million in damages. The decision marks an unusual instance of a securities industry professional winning a wrongful termination suit against a brokerage, say lawyers. A Morgan Stanley spokeswoman said the brokerage disagrees with the decision and is considering its options. The dispute between the brokerage and Torretta, who managed a two-branch Morgan Stanley complex in Garden City, New York, stemmed from his oversight of another manager who was not adequately doing his job, according to Marc Dobin, a lawyer in Jupiter, Florida, who represented Torretta. That manager became frustrated by the oversight process and sent Torretta an email to complain. The manager, who copied Torretta's boss on the message, also

Already have an account?

Log in

Want to read this article?

Click here for a free 14 day trial