Morgan Stanley to reassess legal reserves after Perelman verdict

From: International Herald Tribune | Date: May 18, 2005| Author: | Copyright information

From news reports
International Herald Tribune
05-18-2005
Morgan Stanley said Tuesday that it might have to add to its legal reserves as the jury that awarded $604.3 million in damages to Ronald Perelman, the financier who said the investment bank defrauded him in a 1998 deal, reconvened to begin considering punitive damages.The verdict Monday came at a difficult time for the company, which is struggling to overcome a punishing campaign to unseat Philip Purcell, its chief executive. The $604 million award to say nothing of the punitive damages, which could reach $2.7 billion far exceeds ...

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