A New York court has issued an order dismissing a derivative IPO lawsuit filed earlier this year against Morgan Stanley and its board of directors.

The suit – A. Richard Albrecht v. Morgan Stanley DeanWitter & Co. et al., alleged, that Morgan Stanley’s board failed to adequately supervise the allocation of IPO shares in 1999 and 2000. Pursuant to the order, Morgan Stanley and its board have agreed not to seek sanctions against Albrecht or his counsel.

Morgan Stanley says another eight IPO-related lawsuits, filed in federal court against the company and one of its analysts has also been dismissed.

“It is gratifying to see that these well-publicized IPO-related suits continue to fall by the wayside,” says Donald Kempf, Jr., Morgan Stanley’s chief legal officer. “We are confident that, ultimately, the remaining actions also will be resolved in favor of the company.”