Reuters reports that Fidelity had alleged that broker Brian Wilder took confidential customer information when he left the firm last year to join Morgan Stanley Smith Barney.
Fidelity also alleged that Wilder and Morgan Stanley Smith Barney tried to solicit Wilder's 400 former Fidelity clients, despite restrictions in his Fidelity employment contract that prohibited soliciting for one year after his departure.
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Morgan Stanley must pay Fidelity in recruiting flap - panel
In the meantime, the news agency also reports that Morgan Stanley has quit as a bookrunner on Iraqi telco Asiacell's initial public offering, a source familiar with the matter said on Tuesday, signalling the flotation on the Iraqi bourse will increasingly rely on local investors.
This leaves HSBC and Baghdad-based broker Rabee Securities to manage the IPO as joint bookrunners, although Morgan Stanley will advise Asiacell's parent firm Qatar Telecom (Qtel) on the share sale, the source said.
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M.Stanley quits as bookrunner on Iraqi Asiacell IPO - source
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