MS · News · 20260923N

Brokerage Litigation

MORGAN STANLEY · 2026-09-23 · Importance 31 · Surprise 42

Morgan Stanley, Vanguard, and Pershing face a class-action lawsuit over fees charged for paper account statements. The complaint alleges the firms unlawfully charged customers who wanted paper statements and pressured them to opt into electronic delivery. Plaintiffs cite SEC and FINRA guidance stating that customers should be able to receive paper statements upon request; potential damages and litigation costs were not reported.

Key facts

• Vanguard, Morgan Stanley, and Pershing are facing a class-action lawsuit for allegedly charging clients for paper statements. source