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Archive for Thursday, November 24, 2005

Morgan Stanley settles for $17M

November 24, 2005

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Former Morgan Stanley president Stephan F. Newhouse will receive $17.4 million from Morgan Stanley under a settlement, the financial services company disclosed Wednesday.

In a filing with the Securities and Exchange Commission, Morgan Stanley said it signed settlements with executives who resigned in April.

Vikram Pandit, former president and operating chief of the institutional securities division, will receive $9 million under the agreement.

John Havens, former head of the institutional equity division, will receive $7.9 million, the filing said.

The departure of the three executives in April took place around the time that Morgan Stanley came under pressure from a group of prominent company alumni to oust Chairman and Chief Executive Philip Purcell. Purcell was forced to take early retirement at the end of June.

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