The loss is 24M, if I understand this correctly. If so, reaction seems a bit extreme.
"MSCI said the switch is expected to be phased-in over a number of months starting in January 2013 and covers Vanguard funds that generated annual revenue and operating income of about $24 million. The New York-based firm reported operating revenue of $901 million and operating income of $322 million in 2011"
ETF fees are have been going down lately due to competition. To make profit, Other ETF vendors also will have to move from MSCI to some cheap vendor like FTSE. My guess is Statestreet and Blackrock will follow soon. This will have a big impact on MSCI revenue