Morgan Stanley To Appeal $1.58B Verdict Next Week

Law360, New York (June 22, 2006, 12:00 AM EDT) -- Financial services powerhouse Morgan Stanley will be in a Florida appeals court next Wednesday at 10 a.m. to appeal a May 2005 verdict that awarded Revlon Inc. Chairman Ronald Perelman $1.58 billion, in a case that centered on allegations that Morgan Stanley was complicit in securities fraud.

In its 96-page appeal brief, Morgan Stanley blasts the court that heard the original ruling, saying it committed “serious and prejudicial errors.” Not only did the court incorrectly apply Florida rather than New York law, it also misapplied that...
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