We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Court Reverses $1.58B Verdict In Perelman Case

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.