The Securities and Exchange Commission (SEC)said that Morgan Stanley will pay $13 million to settle civil charges, after it overbilled some of its wealth management clients because of coding and other billing system errors, Reuters reported on Friday. The SEC said that the bank was also charged with violating custody rules designed to safeguard investor assets. The bank agreed to settle the case without admitting or denying the charges. The SEC said that the billing errors at Morgan Stanley affected more than 149,000 clients. Between 2002 and 2016, the bank received more than $16 million in excess fees as a result of the errors.
