Court Reverses $1.58B Verdict In Perelman Case

Law360, New York (March 21, 2007, 12:00 AM EDT) -- In a huge victory for investment bank Morgan Stanley, a Florida appeals court has reversed the verdict that awarded Ronald Perelman $1.58 billion in a dispute over the acquisition of Coleman Co. by Sunbeam Corp.

The Fourth District Court of Appeals ruled on Wednesday that Perelman had not adequately proven he had suffered “legally cognizable damage,” and as a result Morgan Stanley should not have to pay punitive damages.

The $1.58 billion award, handed down in May 2005, drew a fiery response from Morgan Stanley, which...
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