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Powerhouses Morgan Stanley and Perelman Face Off

Law360 (June 28, 2006, 12:00 AM EDT) -- Lawyers for investment banking powerhouse Morgan Stanley asked a Florida appeals court Wednesday to overturn a verdict that would force it to pay mogul Ron Perelman $1.58 billion.

Attorneys for Morgan Stanley argue the judge committed serious and prejudicial errors and incorrectly applied Florida rather than New York law. New York law limits compensation for fraud to out-of-pocket expenses and also requires sophisticated investors to do their own due diligence.

Morgan Stanley also believes it didn’t get a fair chance to defend itself, citing sanctions imposed...
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