A federal appeals court shot down Morgan Stanley’s attempt to appeal a lower court’s decision that its deferred compensation plans were protected by federal law. The decision could impact numerous arbitration proceedings filed against the wirehouse by former employees.

The Second Circuit Court of Appeals issued its dismissal of Morgan Stanley’s appeal, arguing it didn’t have proper jurisdiction, and denied Morgan Stanley’s request that the district court judge who filed the previous opinion “strike its legal conclusion that the deferred-compensation plans” fell under the Employee Retirement Income Security Act. READ MORE