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January 17, 2008
"The first thing we do, let's kill all the lawyers"
Retirees claim Morgan Stanley broker gave bad advice
ROCHESTER, N.Y. (AP) - A group of investors is suing Morgan Stanley, claiming a broker gave them bad financial advice when he persuaded them to retire early from Eastman Kodak Company and Xerox Corporation.
In a lawsuit filed today in state court, seven former employees maintain that they were promised ample savings for early retirement by broker Michael James Kazacos. They say the savings never materialized and many of them are now almost broke.
The lawsuit seeks more than $$140 million in compensatory damages and class-action status. It claims the retirees were persuaded to retire beginning in the late 1990s and told they could live off the returns their money would generate if invested with Morgan Stanley.
Posted by edelfenbein at January 17, 2008 7:14 AM
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