An arbitration panel ordered Morgan Stanley to pay about $34 million to the widow of the co-founder of Home Shopping Network. She alleged her husband's advisor at the wirehouse had been excessively trading and using unauthorized discretion in his accounts, among other misconduct.

The panel made its decision on Friday, according to Scott Ilgenfritz, the attorney representing Lynnda Speer, wife of Roy Speer, who was 80 when he died in 2012. The couple had been married for 52 years.

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