Morgan Stanley

The firm's newest recruits generated $3.6 million in annual revenue.

The firm is recommending investors continue to buy five-year U.S. sovereign debt, even as the securities head for their worst month since February of last year.

The group includes two recruits who began their careers in the late 1970s.

The wirehouse advisers generated a combined $2 million in annual revenue at the time of their departure.

The case, filed on behalf of an on-call branch office manager who works with advisers, follows similar retirement plan-related litigation recently filed against other firms, including Morgan Stanley.

Plus, Benjamin F. Edwards and Ameriprise each add recruits with more than $600M in combined AUM, and Morgan loses a $500M group.

The advisers, one of whom is a former football coach, are among the first to join the wirehouse since UBS unveiled sweeping changes to its comp plan.

The lawsuit highlights a friction that exists at financial-services firms that put employees into their own product.

Two veteran advisers opened a new office for the firm.

Arbitrators for the regulator also awarded an expungement to Dale Cebert, who claimed a campaign to damage his reputation followed his termination from the wirehouse.