May 12, 2020 / 1:05 PM / 22 days ago

Morgan Stanley settles SEC charges it misled clients, to pay $5 mln penalty

May 12 (Reuters) - A unit of Morgan Stanley will pay a $5 million penalty to settle U.S. Securities and Exchange Commission charges it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs, the regulator said on Tuesday.

The unit, Morgan Stanley Smith Barney, settled without admitting or denying wrongdoing. The $5 million will be distributed to harmed investors, the SEC said. (Reporting by Jonathan Stempel in New York, editing by Louise Heavens)

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