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Morgan Stanley loses $600 million lawsuit Fraud case penalty could hit $2.7 billion
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Landon Thomas Jr.
International Herald Tribune
05-18-2005
Morgan Stanley has been hit hard by a Florida jury award of $604 million in damages to Ronald Perelman, the financier who said the investment bank defrauded him in a 1998 deal. The verdict on Monday came at a difficult time for the firm. It is struggling to overcome a punishing campaign to unseat Philip Purcell, its chief executive. Making matters worse, the eventual bill to Morgan Stanley could rise as high as $2.7 billion if the jury agrees this week to the total punitive award that Perelman and his lawyers are seeking. The verdict ...
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