The Paris Court of Appeal has upheld the position of French luxury goods company LVMH Moet Hennessy Louis Vuitton SA in a case against Morgan Stanley claiming that the British-registered bank published biased research. However, the French court overturned the lower court's findings in 2004 that the bias was the result of intentional bias, designed to harm one of Morgan Stanley’s client's rivals.

In a judgment handed down in January 2004, the Paris Tribunal de Commerce (trade dispute law court) ruled that Morgan Stanley in both the UK and in the US were guilty of serious misconduct against LVMH. Furthermore, the court upheld that Morgan Stanley UK and US were guilty of causing both moral and material damage to LVMH.

The Paris Court of Appeal confirmed the judgment of the Tribunal de Commerce which ruled against Morgan Stanley and the bank must consequently repay the moral and material damage caused to LVMH. The amount of damages has not yet been decided by the court, but LVMH will ask for more than €100 million.