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WEIL v. MORGAN STANLEY DW INC.

C.A. No. 791-N.

877 A.2d 1024 (2005)

David J. WEIL, on behalf of himself and all others similarly situated, Plaintiff, v. MORGAN STANLEY DW INC., and HarrisDirect LLC, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: July 25, 2005.

Attorney(s) appearing for the Case

Ronald A. Brown, Jr., Prickett, Jones & Elliott, P.A., Wilmington, DE; Arthur T. Susman, Charles R. Watkins, John R. Wylie, and Glenn L. Hara, Susman & Watkins, Chicago, IL; Mark G. Slutsky, Mark G. Slutsky & Associates, Lincolnshire, IL, for Plaintiff.

Jon E. Abramczyk, Morris, Nichols, Arsht & Tunnell, Wilmington, DE; William H. Pratt, Eric F. Leon, and Joshua B. Simon, Kirkland & Ellis, L.L.P., New York City, for Defendants Morgan Stanley DW Inc. and HarrisDirect LLC.

OPINION

STRINE, Vice Chancellor.

In 2002, Morgan Stanley sold its online brokerage business and customer accounts to another firm, HarrisDirect. By contract with its customers—all of whom had the unfettered right to terminate their relationship with Morgan Stanley at any time—Morgan Stanley had clearly reserved the right to assign its customer accounts to a buyer such as HarrisDirect.

When Morgan Stanley sold to HarrisDirect, it sent...

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