Court dismisses complaints in Morgan Stanley lawsuit

Court dismisses complaints in Morgan Stanley lawsuit

A US federal court has dismissed seven of eight complaints filed against Morgan Stanley in a wrongful dismissal lawsuit brought by the investment bank's former IT manager Arthur Riel.

Riel, who was employed at Morgan Stanley between September 2000 and September 2005, filed the suit in January last year. He claimed he was wrongfully dismissed for uncovering improper business practices at the bank that included the destruction of e-mail.

But last week US District Court Judge Thomas Griesa dismissed seven of the eight complaints that Riel filed against the bank, reports Reuters.

The final complaint claims that Morgan Stanley breached Riel's executive incentive compensation plan by firing him - an action that denies him payment of stock and options.

In a statement to Reuters, Morgan Stanley says the court's dismissal of Riel's federal court claims confirms that the allegations "are without any legal or factual merit".

Riel was fired in September 2005 and filed the lawsuit against Morgan Stanley in December 2005.

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