"The question is whether or not MS has a responsibility as an underwriter to disclose that information to an audience broader than its own clients"
That is an interesting question and will be a good suit to watch. If the finding is that there was a responsibility to broadly disseminate such information, it will also be interesting to see what the impact is to the financial advisory industry.
What concerns me more than public dissemination of analysis would be the instance of them only disseminating negative information to a select group of their own clients, while leaving their other mom and pop clients in the dark.
That would seem to be a clear violation of fiduciary duty, and if it turns out that's what they did, I hope they get the book thrown at them.
That is an interesting question and will be a good suit to watch. If the finding is that there was a responsibility to broadly disseminate such information, it will also be interesting to see what the impact is to the financial advisory industry.