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Morgan Stanley & Visa settle dispute

Morgan Stanley and Visa International said they had agreed to settle a long-running dispute over business in Europe. Under terms of the agreement, Visa permitted Morgan Stanley to join its credit card operation in Europe and Morgan Stanley withdrew an antitrust complaint against Visa. The dispute arose in 2004, when Visa refused to permit Morgan Stanley to join the Visa credit card system because the bank is a competitor in the United States, where it operates the Discover card. Morgan Stanley subsequently filed an antitrust complaint with the European Union. Jonathan Todd, a spokesman for the European Union, said its investigation would continue even though Morgan Stanley had withdrawn its complaint.

From The New York Times

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