Billionaire investor John Paulson secured a significant arbitration ruling in his dispute with former business partner Fahad Ghaffar, with an arbitrator ordering Ghaffar to repay nearly $48 million and upholding Paulson’s decision to terminate him.

The ruling, disclosed Monday in a federal court filing in Puerto Rico, concludes that Ghaffar engaged in “intentional misconduct and fraud” during his tenure managing aspects of Paulson’s Puerto Rico operations. The arbitrator found that Paulson was justified in firing Ghaffar in July 2023.

As part of the award, Ghaffar is required to return $35.66 million in profits related to an investment called Dynamic Payments, as well as an additional $112,936 tied to American Express rewards points. The arbitration decision marks a significant development in the ongoing legal and financial conflict between the two men, whose professional relationship deteriorated following a falling-out.

Details of the misconduct were not fully disclosed, but the ruling emphasizes the arbitrator’s view that Ghaffar’s actions warranted his dismissal and financial restitution. The matter highlights the complexities and disputes often inherent in high-stakes investment partnerships involving large sums and intricate financial arrangements.