Morgan Stanley fights claim by Home Shopping founder's widow -filing
April 27 |
April 27 The widow of the Home Shopping Network's co-founder is seeking more than $170 million from Morgan Stanley in a case alleging, among other things, that the firm made excessive securities trades to boost commissions, according to a disclosure.An arbitration hearing in the case between Morgan Stanley and Lynnda Speer, personal representative for the estate of her late husband, Roy Speer, began in January, according to the firm's annual report, filed with the U.S. Securities and Exchange Commission in March.
"We believe the claims are without merit and we are contesting them vigorously through the legal process," a Morgan Stanley spokeswoman said in a statement on Monday. The hearing is set to wrap up in July, the firm said in its filing.
Roy Speer, who died in 2012, co-founded what is now known as HSN in 1982. The television-based retailer eventually became part of a publicly traded empire, now known as HSN Inc, which sells products online and via other platforms, as well as on television.
Lynnda Speer's claim is being heard at the arbitration unit of Wall Street's industry-funded watchdog, the Financial Industry Regulatory Authority. Speer also named the manager of the firm's Palm Harbor, Florida, branch, Terry McCoy, and an adviser, Ami Forte.
McCoy declined to comment. Forte did not immediately return a call requesting comment.
The claim also alleges that Morgan Stanley did not properly supervise its brokers and failed to act in Roy Speer's best interests.
Efforts to locate Speer and her lawyer on Monday were unsuccessful.
The story was reported by the Tampa Bay Times on Friday. (Reporting by Suzanne Barlyn; Editing by Leslie Adler)
"We believe the claims are without merit and we are contesting them vigorously through the legal process," a Morgan Stanley spokeswoman said in a statement on Monday. The hearing is set to wrap up in July, the firm said in its filing.
Roy Speer, who died in 2012, co-founded what is now known as HSN in 1982. The television-based retailer eventually became part of a publicly traded empire, now known as HSN Inc, which sells products online and via other platforms, as well as on television.
Lynnda Speer's claim is being heard at the arbitration unit of Wall Street's industry-funded watchdog, the Financial Industry Regulatory Authority. Speer also named the manager of the firm's Palm Harbor, Florida, branch, Terry McCoy, and an adviser, Ami Forte.
McCoy declined to comment. Forte did not immediately return a call requesting comment.
The claim also alleges that Morgan Stanley did not properly supervise its brokers and failed to act in Roy Speer's best interests.
Efforts to locate Speer and her lawyer on Monday were unsuccessful.
The story was reported by the Tampa Bay Times on Friday. (Reporting by Suzanne Barlyn; Editing by Leslie Adler)
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