U.S. Markets open in 7 hrs 7 mins

Morgan Stanley gave some clients incorrect tax information

The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013. REUTERS/Mike Blake/File Photo

(Reuters) - Morgan Stanley (MS.N) gave some wealth management clients incorrect information on taxes that caused some to underpay and others to overpay, according to a regulatory filing on Monday.

The bank is setting aside $70 million to cover the costs and is in discussions with the Internal Revenue Service over the errors which occurred in tax years 2011 through 2016.

"We are committed to making this right for our clients with minimal inconvenience to them," said a Morgan Stanley spokesman.


(Reporting by Olivia Oran; Editing by Cynthia Osterman)