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The Wall Street Journal: Morgan Stanley admits errors caused many clients to underpay taxes

Morgan Stanley said it had given a “significant number” of wealth-management clients incorrect information that caused them to underpay their taxes.

In its annual regulatory filing Monday, Morgan Stanley MS, +0.68% said it is in “advanced discussions” with the Internal Revenue Service to resolve the issues at no cost to affected clients. It said it had set aside $70 million to cover the costs, which include paying any taxes owed to the IRS by clients who underpaid, as well as reimbursing clients who overpaid.

“We are committed to making this right for our clients with minimal inconvenience to them,” a spokesman said in a statement.

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