Seven former Morgan Stanley brokers have won more than $3 million over allegations that the firm improperly withheld their deferred compensation when they moved to competitors, according to an arbitration award finalized on Friday.

The arbitration award could have broad implications for as many as 150 other ex-Morgan Stanley brokers who are arguing that the firm violated the Employee Retirement Income Security Act of 1974 by requiring them to forfeit backpay, according to Alan Rosca, one of the lawyers who represents the seven brokers. READ MORE