The negative sign occurs because electrons have negative charge.
Due to the angular momentum, the dynamics of a magnetic dipole in a magnetic field differs from that of an electric dipole in an electric field. The field does exert a torque on the magnetic dipole tending to align it with the field. However, torque is proportional to rate of change of angular momentum, so precession occurs: the direction of spin changes. This behavior is described by the Landau-Lifshitz-Gilbert equation: