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Morgan Stanley & Co., Inc. Summary of Discovery Sanctions
Unfortunately, such conduct is not atypical of Morgan Stanley, and has been found to be a “routine and acceptable part of [its] Arbitration Strategy”:
00-04712 (NASD) MSDW ordered to pay $6,500 in attorney's fees and costs to Claimants and $6,500 in administrative costs to the NASD as sanctions for its non-compliance "with the arbitrators orders regarding the production of documents to the Claimants" and its "bad faith and repeated, willful and flagrant violation" of the orders of the panel
94-03576 (NASD ) MSDW ordered to pay $5,988.59 in attorney's fees and costs as a sanction for its "failure to turn over documents requested by the panel to be produced prior to the hearing" which the firm "acknowledged that they had"
00-04712 (NASD) MSDW ordered to pay $25,000 as a sanction for "failure to cooperate in discovery"
02-01101 (NASD) MSDW ordered to pay $1,000 as a sanction for "failure to produce discovery requested"
2001-09300 (NYSE) MSDW ordered to pay $20,000 as a sanction for its "failure to fulfill discovery obligations and faailure to do so in a timely fashion"MSDW ordered to pay $20,000 as a sanction for its "failure to fulfill discovery obligations and faailure to do so in a timely fashion"MSDW ordered to pay $1,050 as a sanction for "discovery abuses"
02-00190 (NASD) MSDW ordered to pay $1,050 as a sanction for "discovery abuses"
02-03722 (NASD) MSDW ordered to pay $1,500 as a sanction for "contempt"
02-06214 (NASD) MSDW ordered to pay $500 as a sanction for "failure to provide the discovery ordered by the Panel" and the "discovery difficulties Claimants encountered"
02-07298 (NASD) MSDW ordered to pay $20,000 as a sanction for "pre-hearing misconduct" which was "non-compliant" with an Order of the Panel and for having submitted a discovery certification that was "specifically found" to have been "factually inaccurate" NASD
03-01809(NASD) MSDW ordered to pay $25,000 as a sanction for "disregard of the discovery process"
2003-012229(NYSE) MSDW ordered to pay $350 as a sanction for costs related to its "failure to timely supply requested discovery"
03-04429 (NASD) MSDW ordered to pay $7,125 as a sanction for "discovery" tactics
02-05298 (NASD) MSDW ordered to pay $10,000 as a sanction for its "attempted obstreperous tactics and disregard of arbitration hearing protocols"
03-07733 (NASD) MSDW ordered to pay $11,000 as a sanction for failure "to comply with the Panels order to compel within the given timeframe"
04-05545(NASD) MSDW barred from using "relevant and requested documents" that it had failed to produce and was ordered to submit "a written letter of apology and affirmation that the type of conduct would not continue"
E-2003-31 (SEC) MSDW fined $25,000 in settlement of administrative complaint which alleged that firm "filed documents which contained false and misleading information in response to an inquiry from the Division"
CAF040053(NASD) MSDW censured and fined $250,000 for failure "to cooperate fully in the arbitration process" and its failure "to produce all required documents in a timely manner to opposing parties" in seven arbitration proceedings.
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COM 03-18,
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18A and INV 03-27 Consent Agreement cites MSDW for "a consistent pattern of delay and obfuscation relating to document production . . . . both here in New Hampshire, and in other jurisdictions."
502003CA005045 Circuit Court Judge Elizabeth T. Maass entered an order which included findings that MS had engaged in a "willful and a gross abuse of its discovery obligations" and that its "lack of candor has frustrated the Court and opposing counsel's ability to be fully and timely informed." The Court further held that the discoveryfailings of MS "were done knowlingly, deliberately and in bad faith" and that "the conclusion is inescapable that MS & Co. sought to thwart discovery" which would permit a reasonable juror to conclude that its "misconduct demonstrates its consciousness of guilt" and that its concealment is "evidence of its malice or evil intent, going to the issue of punitive damages"
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