LVMH and Morgan Stanley on Thursday ended a five-year court battle over the luxury group’s accusation of bias and conflicts of interest in research published by the Wall Street investment bank between 1999 and 2002.
A statement on the Morgan Stanley Web site reads:
“LVMH and Morgan Stanley have agreed to put their past differences behind them and to resume business relations. They have ended the court action involving each other in the French courts and they look forward to future opportunities to work together.”
In 2004, a French judge ordered Morgan Stanley to pay 30 million euros ($39 million) to LVMH for comments that one of its analysts made during years when the U.S. investment bank had a relationship with a rival luxury goods maker, Gucci. An appeals court judge ordered LVMH to return the money to Morgan Stanley, which it did in July.