Wednesday, March 21, 2007
A Florida state appellate court threw out Ron Perelman's $1.57 billion verdict against Morgan Stanley. You will recall that Perelman sued the securities firm alleging it had misled him when he purchased Sunbeam and the trial court instructed the jury to find against Morgan Stanley on the question of liability, to punish it for its discovery violations. The appellate court has found that Perelman did not establish its damages, so the entire verdict is thrown out. We will await an appeal. See WSJ, Court Overturns Verdict Requiring Morgan Stanley to Pay Perelman.