The three-person panel ruled that Morgan Stanley owes Charles Schwab $3 million in punitive damages, plus a total of $3.8 million in compensatory damages to the two advisors, along with $700,000 in attorney fees and $104,000 in litigation costs.
At the same time, the panel ordered Morgan Stanley and the two advisors jointly to pay Schwab $3 million in compensation plus more than $1.2 million in attorney fees and costs. That would represent a net payment of $1.89 million to the advisors, Christopher Robert Armstrong and Randall Brian Kiefner, whom Morgan Stanley fired within a month of their hiring.