Morgan Stanley has won a legal battle with former subsidiary Discover Financial Services over nearly $800 million that Morgan Stanley says it was owed by the credit card company.
New York state Supreme Court Justice Barbara Kapnick has ruled Discover Financial must pay Morgan Stanley a special dividend the pair negotiated when Morgan Stanley spun off Discover in 2007.
At the time of the spinoff, the two agreed to share money received from an antitrust lawsuit Discover had pending against Visa and MasterCard. Discover settled the antitrust case for $2.75 billion.
However, Discover refused to share the settlement with Morgan Stanley, claiming it interfered in the Visa and MasterCard settlement.
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