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Morgan Stanley Wins Dismissal of Lawsuit Over Pay

Morgan Stanley Chairman John Mack, Chief Executive Officer James Gorman and other executives won a dismissal of a shareholder lawsuit filed over $45 billion paid to the firm’s employees over three years.

New York State Supreme Court Justice Shirley Werner Kornreich threw out the lawsuit, citing a requirement that shareholders first make a demand on a board before suing on behalf of a company or show that such a move would be futile, according to a Dec. 10 decision.