Moet Hennessey Louis Vuitton (LVMH) has won a payout of at least €30m (US$38.3m) from US investment bank Morgan Stanley. A French court has ruled in favour of LVMH, which claimed that Morgan Stanley published biased research over three years, which damaged LVMH's business and reputation.

The French company also claimed that Morgan Stanley did not reveal its business relationship with LVMH's rival Gucci.

Morgan Stanley intends to appeal against the ruling.