Morgan Stanley Wins Partial Judgment In Dividend Spat

Law360, New York (January 5, 2010, 5:51 PM EST) -- Morgan Stanley has been handed a partial victory in an ongoing dispute with former subsidiary Discover Financial Services over a payout from an antitrust suit, following a New York state court judge's ruling that Discover must pay Morgan Stanley a special dividend worth nearly $800 million.

In a decision handed down Monday, Judge Barbara R. Kapnick of the New York County Supreme Court found that the separation agreement between the parties did not excuse Discover from paying the special dividend, despite the credit card company's argument...
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