Morgan Stanley (NYSE: MS) won a legal battle Wednesday with former subsidiary Discover Financial Services over close to $800 million that Morgan Stanley says it was owed, according to Associated Press.
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Discover Financial, the credit card company, must pay Morgan Stanley a special dividend the two negotiated when Morgan Stanley spun off Discover in 2007, according to the ruling by New York Supreme Court Justice Barbara Kapnick.
At the time of the spinoff, the pair agreed to share the settlement from an antitrust lawsuit Discover had pending against Visa (NYSE: V) and MasterCard (NYSE: MA). Discover settled the antitrust case for $2.75 billion at the spinoff.
However, Discover refused to share the proceeds with Morgan Stanley, claiming it interfered in the Visa and MasterCard settlement.
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