The City of Burlington, Vt. has agreed to a roughly half million-dollar settlement with Morgan Stanley, the former investment consultant for its Employees’ Retirement System (BERS), after claims surfaced of substantial financial damages as a result of its “alleged misconduct.”

From 1991 to 2006, the global financial services firm served as a consultant and advisor to the City and its retirement board. During this period, the City claimed in its 2010 arbitration filing with the Financial Industry Regulatory Authority (FINRA) that concerns were first raised following a pension board review.

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