Morgan Stanley lied about group, court told

[dArKeR]

The French luxury goods giant claims investment advice published by Morgan Stanley contained biased information designed to boost Gucci's share price

AP , PARIS
Wednesday, Nov 19, 2003,Page 12

Morgan Stanley led a three-year campaign to "blacken the image" of French luxury goods giant LVMH Moet Hennessy Louis Vuitton, while hiding its business relationship with rival Gucci, a Paris court was told on Monday.

The claims were made as lawyers for the US investment bank and LVMH faced off for the last time before a verdict is due on Jan. 12 in the French group's US$118 million lawsuit against Morgan Stanley.

Investment advice published over three years by Morgan Stanley luxury analyst Claire Kent "contained systematically erroneous and biased information" designed to denigrate the French group and boost Gucci's share price, LVMH's lead counsel Georges Terrier told the Paris Commercial Court.

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