Morgan Stanley Latest Firm to Experience System Outage
From the Desk of Jim Eccleston at Eccleston Law LLC:
On March 25, Morgan Stanley Wealth Management’s technology system crashed. As a result, both brokers and clients were unable to view account information or place orders. Brokers did report being able to complete orders by using a link they were provided. Investors who were not able to access their account online were told to call the firm to place trades.
According to Morgan Stanley, the problem was not related to a capacity overload or brokers working remotely. It’s been two weeks since Morgan Stanley recommended that all of the roughly 15,500 brokers and their teams work from home.
Morgan Stanley is not the only one experiencing system failures recently. Robinhood, a mobile trading app, experienced multiple system outages earlier in March. As a result, several putative class action lawsuits have been filed against Robinhood by investors who lost money as a result of the system failures.
The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities Fraud, Compliance Protection, Breach of Fiduciary Duty, FINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.
Related Attorneys: James J. Eccleston
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