LVMH, Morgan Stanley Settle Court Case
February 19, 07
LVMH and Morgan Stanley ended their five-year court battle over LVMH's accusation of bias and conflicts of interest in research published by Morgan Stanley between 1999 and 2002.
“LVMH and Morgan Stanley have agreed to put their past differences behind them and to resume business relations,” the two said in a statement. “They have ended the court action involving each other in the French courts and they look forward to future opportunities to work together.”
Saying they would resume normal business relations, the two sides have reached an out-of-court settlement, but did not provide details and refused to mention whether either side had paid compensation in the settlement.
LVMH had accused Morgan Stanley of working with rival Gucci during a takeover bid. LVMH had attempted to buy Gucci, losing out to PPR in 1999.