Morgan Stanley said it had given a “significant number” of its 3.5 million wealth-management clients wrong information that caused them to underpay or overpay their taxes over the past five years. In its annual regulatory filing Monday, the firm said it is in “advanced discussions” with the Internal Revenue Service to settle the matter at no cost to affected clients. It has set aside $70 million to cover the costs, which include...

Source: Wall Street Journal February 27, 2017 22:55 UTC