An aggrieved investor has filed an arbitration claim accusing Morgan Stanley was accused of accepting kickbacks from insurers seeking to promote a select group of variable annuities and investments, The Wall Street Journal reports.

Ron Marron, a lawyer representing an investor who filed the complaint, said his client purchased a pair of variable annuities from Hartford Financial Services Group without fully disclosing fees or taking necessary steps to establish suitability.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.