The Association of Private Client Investment Managers and Stockbrokers (APCIMS) has since said it may now be time for legal action.

BBC: Online share tips warning

"It is market abuse which is wrong and this can occur when holding either long or short positions, " said David Bennett, CEO of Apcims, the Association of Private Client Investment Managers and Stockbrokers.

BBC: Archbishops attack City practices

The suit against Morgan Stanley (nyse: MWD - news - people ) was filed in the Southern District of California in San Diego in the name of William Dornan, a San Marcos, Calif. resident and former Morgan Stanley client, who made similar allegations in a December complaint filed with the National Association of Securities Dealers.

FORBES: Morgan, Merrill Face Lawsuits Over Annuities

The Association of National Advertisers (ANA) has just published a survey of 108 client-side marketers.

FORBES: ANA Survey: Marketers Cautiously Optimistic for 2011