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IN RE MORGAN STANLEY ANALYST LEVEL 3 LITIGATION

March 20, 2003

IN RE: MORGAN STANLEY ANALYST LEVEL 3 LITIGATION


The opinion of the court was delivered by: Gerard E. Lynch, District Judge

ORDER

I. LEAD PLAINTIFF

WHEREAS the Court has severed the claims against Defendant Morgan Stanley that were pending in In re Salomon Smith Barney Analyst Level 3 Litigation 02 Civ. 6919 (GEL) ("SSB Level 3") and consolidated them in this action by Order of this date;*fn1 and WHEREAS the shareholders who wish to be appointed Lead Plaintiff is this action have now submitted their motions and supporting documentation to the Court and have appeared before the Court on March 12, 2003; and WHEREAS, in accordance with its statutory obligations under the Private Securities Litigation Reform Act of 1995 (PSLRA), the Court hereby adopts the presumption that the plaintiff group composed of Richard Garland, Douglas Lippold and Charles Fuller (the "Level 3 Group") is the most adequate plaintiff because it has the largest interest in the financial relief sought by the proposed class and otherwise satisfies the requirements of Rule 23 of the Federal Rules of Civil Procedure;

It is hereby ORDERED that:

In accordance with the requirements of the PSLRA, the Court appoints the Level 3 Group as Lead Plaintiff in In re Morgan Stanley Analyst Level 3 Litigation ("MS Level 3"). This appointment is subject to later modification or revision by the Court.

II. LEAD COUNSEL

The Level 3 Group seeks the Court's approval for its choice of Weiss & Yourman and Beatie and Osborn, L.L.P. as co-lead counsel.

It is further ORDERED that:

The Court approves Lead Plaintiff's choice of co-lead counsel as Weiss & Yourman and Beatie and Osborn, L.L.P.

III. PLEADINGS SCHEDULE

It is further ORDERED that:

(1) The Lead Plaintiff shall file a consolidated amended complaint no later than May 15, 2003 and shall deliver one courtesy copy of the complaint to Chambers;
(2) The defendant shall respond to the consolidated amended complaint by motion or answer, no later than July 15, 2003;
(3) If the defendant moves to dismiss the consolidated amended complaint, plaintiff shall respond to such motion no later than August 15, 2003; and
(4) The Defendant shall reply to plaintiff's response no later than September 22, 2003.
In order to preserve judicial economy, every effort will be made to keep the briefing schedule for MS Level 3 on the same track as the briefing schedule for SSB Level 3.

Pursuant to the Court's Individual Practice Rules, courtesy copies of motions or responses need not be provided to Chambers at the time of filing. When the reply or replies are served and filed, the defendant shall ...


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