FILE PHOTO - The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, New York, U.S. on January 20, 2015. REUTERS/Mike Segar/File Photo

(Reuters) - Morgan Stanley 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.